Breakingviews - Capital Calls - Goldman’s Birmingham push bolsters UK regions

  • 4/13/2021
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LONDON (Reuters Breakingviews) - PAVED WITH GOLD. Goldman Sachs has form in spotting trends before they take off. This may also be the case with its decision to set up shop in the English city of Birmingham. Chief Executive David Solomon is planning to open what will be the bank’s largest UK base outside London later this year, creating hundreds of technology jobs in Britain’s Midlands. Cities like Birmingham may be recovering from the virus faster than the capital. Property group Land Securities says it is receiving more rent from regional tenants than those in London on a proportionate basis. By the end of March, regional retailers had paid 38% of their dues, compared to 29% for London-based tenants. Solomon’s Birmingham move is part of a global push to shift away from big cities to alternative hubs like Dallas, Texas. In the UK at least, he may have timed it to perfection. (By Aimee Donnellan)

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