Bank of America has recently announced that it is planning to create approximately 1,000 jobs at its Merrill Lynch base in Chester.
The anticipated increase in jobs would result in the international bank’s workforce at Chester Business Park to double by the year 2020.
A lot of the roles, such as in finance, regulatory compliance, and support, will be relocating from London as a company director stated that this move will lead to savings.
Since 2010, Bank of America’s Chester workforce has expanded from 200 to around 1,000.
According to the managing director Mr. Stephen Miller indicated that new European financial regulations have resulted in new jobs being made.
"All of that activity is effectively new to banking, which requires new roles," the managing director stated.
"That support can be done outside London. Of course, there is a cost advantage to not being based in a metro centre," he further added.
City Minister Ms. Harriet Baldwin welcomed this new development as a boost for the Northern Powerhouse.
"We want to see growth in financial services jobs right across the UK," Ms. Baldwin pointed out.
"Its fantastic news and proves, once again, Chesters continuing pre-eminence in the financial sector," Chester MP Chris Matheson commented.