Citi Belfast Success – A Case Study In Levelling Up

EyeonRegional Development

Citi Belfast’s success in Northern Ireland shows how ‘levelling up’ can benefit business and the UK’s regional economies

When global financial services company Citi established its small outpost in Belfast in 2005, the phrase ‘levelling up’ had not yet entered the UK business or political vernacular.

But through the growth of its initial team of 375 over the past 17 years to a projected 3,700 members of staff by the end of this year, Citi have demonstrated just how regional economies can be impacted by large employers shifting jobs away from capital cities.

“When we set up operations in Belfast almost two decades ago, we were the only major bank to do so,” says James Bardrick, Citi’s Country Officer for the UK. “Now – nearly two decades later – we find ourselves becoming part of the national conversation around levelling up as our success in Northern Ireland continues to grow.”

Citi’s success in Belfast has been marked by the expansion of the original technology team, with its offices now providing a home to vital functions including a legal team of 150 and growing – Northern Ireland’s largest in-house legal team. The team also takes great pride in the high retention rate within those original Citi Belfast staff.

Commenting on the appeal of the global roles offered and Citi’s drive to attract what it calls ‘Soaring Ambition’ Leigh Meyer, Belfast Site Head, Global Head of FX Ops said: “We continue to grow and build upon our footprint as the only global investment bank to operate in Northern Ireland. We are now one of the largest employers locally and the largest financial services employer. Our functional footprint covers 21 diverse areas which include Technology, Operations, Legal, Compliance, Anti-money Laundering, Risk, Internal Audit, Markets and Securities Services, and Private Bank. All these roles deliver critical services to the bank and its global customers, supporting daily transactions in trillion-dollar businesses.”

Reflecting on the importance of these critical services delivered from Belfast and how they have contributed to stopping the brain drain from Northern Ireland with promising talent opting to work locally James Bardrick added, “If I can get a great job, which doesn’t feel like a provincial job, in a place I love with a lower cost of living than London, why wouldn’t I want to ‘live locally and work globally’?” The mantra is ‘Live locally, work globally’

EyeonRegional Development

and it has been a key driver in talent acquisition and retention.

Significant work has been done through the years to effectively engage with local stakeholders, promoting awareness of Citi’s role as an employer of choice and ensuring the strength of the talent pipeline as Citi Belfast continues to grow. “From apprenticeships to mentorships to those returning to work – and through training and ongoing development opportunities – we continue to seek out bright, enthusiastic professionals aspiring to build a career in financial services or find a supportive workplace environment to grow their potential,” Leigh adds.

“We want people to build their careers here, not just apply for a job. We work closely with local universities and schools to identify future skills required for successful careers within the finance sector and nurture up-and-coming talent covering all levels from apprentices and graduates to experienced roles,” says Leigh.

Citi’s apprenticeship recruitment increased by 70 percent in 2021 and it brings in over 100 people on graduate recruitment programmes every year whilst also aiming to work with even younger people to encourage students into careers in technology and banking. “We are working to set up training for primary school teachers about how to integrate coding into the classroom,” he adds.

As the national conversation continues to explore how employers can ‘level up’ by shifting operations to regional bases across the UK, Citi’s success in Northern Ireland shows how bringing globally-oriented roles centered around an organisation with a strong focus on driving local engagement, ensuring the future talent pipeline, and ensuring a high level of job satisfaction can not only deliver growth and success for the company but can also improve the communities in which they operate.

“Northern Ireland may be small in size, but it is big on success,” says Leigh. “Initially we recruited local talent from universities, but quickly recognised there was a broader talent pool to consider. With the opportunity to recruit such exceptional talent locally, we have grown to become a strategic delivery centre for many of our global businesses.”