Business
Belfast: New wave of US investment to create up to 1,000 jobs
Barry O’ConnorBBC News NI
AFP via Getty ImagesBelfast, along with London, Edinburgh and Manchester, is set to benefit from a wave of new US investment into the financial services sector.
Bank of America intends to create up to 1,000 new jobs in the city, marking its first operation in Northern Ireland.
Citigroup has also pledged investment across its UK sites, including a further commitment to growing its presence in Northern Ireland.
The US firms, which also include PayPal and S&P Global, have announced the investments, worth more than £1.25 billion, ahead of President Donald Trump’s state visit to the UK next week.
Belfast ‘centre of excellence’
The opening of the new Bank Of America facility is set to establish Belfast as “a key hub”, reinforcing the city’s position as a “centre of excellence for financial technology and security operations”, the UK’s Department for Business and Trade (DBT) said.
The department added the investment is a “major milestone that underscores the region’s growing role in global financial services”.
In 2023, the bank announced it would fund a three-year digital skills and employability programme, delivered by Belfast Met, for 600 people from socially and economically disadvantaged backgrounds.
On Saturday, a Bank of America spokesperson told BBC News NI there will be a “gradual build up” of its new Belfast operation.
Recruitment for the first roles “will start soon” and the bank “will also shortly conclude on location”, he added.
Getty ImagesChief Executive Brian Moynihan said Bank of America was “pleased” to extend its investment in the UK “with the creation of a new Belfast operations facility to support our global business”.
“The early US-UK trade agreement that the president and the prime minister began discussing in February has provided the business community with the certainty and framework it needs to strengthen transatlantic commerce,” he added in a statement.
‘International confidence’
The Bank of America facility in Belfast “will house cutting-edge anti-money laundering systems and cyber security operations”, and is expected to create “high-skilled jobs in Northern Ireland’s growing fintech sector”, a DBT spokesperson told BBC News NI.
The investment “underscores international confidence in Belfast’s talented workforce and advanced digital infrastructure”, strengthens the city’s reputation as an “international financial services destination” and supports economic growth, they added.
PA MediaDeputy First Minister Emma Little-Pengelly said the Bank of America investment “is a hugely significant sign of confidence in Northern Ireland, building on a “growing, global reputation for highly skilled and professional services for big international companies”.
“Highly skilled jobs and a real show of faith and confidence in our economy,” she wrote on social media.
“The bank has referenced the new UK-USA trading agreements and arrangements as a facilitator for this investment. It is hugely welcome that Northern Ireland will get a significant benefit from this UK-wide investment. Exciting times ahead.”
Getty ImagesIn a statement, Chancellor Rachel Reeves said the commitment from “America’s leading financial institutions” demonstrates “the immense potential of the UK economy, our strong relationship with the US and the confidence global investors have in our plan for change“.
The investments “will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom”, Reeves added.
Business and Trade Secretary Peter Kyle said the announcements “reinforce the UK’s position as the world’s leading investment destination”.
“Our financial services sector is at the heart of a modern, dynamic industrial strategy.
“Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance… These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners.”
Citigroup also investing in NI
US banking giant Citigroup has also confirmed it is investing an additional £1.1bn across its UK operations, alongside “a further commitment to growing its presence in Northern Ireland”, the DBT added.
“The bank is already one of the top employers in Belfast now employing over 4,000 people – firmly establishing Belfast as a major technology powerhouse.”
Donal McCannCitigroup Chief Executive Jane Fraser added: “Citi’s commitment to the UK runs deep. This is home to many of our most senior leaders and nearly 14,000 colleagues across London, Belfast, Edinburgh and Jersey.
“We’re proud to be serving 85% of the FTSE 100 and to have stood beside UK companies through every market cycle, raising capital, financing growth and helping them compete on the world stage.
“The UK isn’t simply one of our largest markets; it is core to Citi’s foundation as a truly global bank.”
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US Fed Meeting Outcome: In a second consecutive rate cut, the US Federal Reserve on October 29 reduced its key interest rates by another 25 basis points (bps) to 3.75%-4.00%.
US Federal Reserve’s latest interest rate decision.
US Fed Rate Cut, US Fed Meeting Latest News: The US Federal Reserve on October 29 reduced its key interest rates by another 25 basis points (bps) to 3.75%-4.00%, in line with market expectations. This is the second consecutive rate cut following the last reduction in September 2025, when the US central bank announced a similar 25 bps reduction after a gap of nine months.
The Federal Open Market Committee (FOMC) approved the rate cut with a 10-2 majority. Governor Stephen Miran dissented, arguing for a steeper half-point reduction, while Kansas City Fed President Jeffrey Schmid also voted against the move, favouring no rate cut at all.
“In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent,” the Federal Open Market Committee (FOMC) said in a statement on October 29.
It added that uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months.
“Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” the FOMC stated.
US Fed to Halt Quantitative Tightening from December 1
Alongside the rate cut, the Federal Reserve announced that it will end the reduction of its asset holdings, a process known as quantitative tightening, effective December 1.
The post-meeting statement did not provide any direction on what the committee’s plans are for December.
The next US Fed meeting will take place on December 9-10, and the decision will be announced on December 10.
In September, the US central bank’s officials expected two more cuts this year, according to the ‘dot plot’.
The Fed had reduced borrowing costs three times last year till December 2024. But, it then put any further cuts on hold to evaluate the impact of President Donald Trump’s sweeping tariffs on the economy. The US central bank kept its key interest rates unchanged at 4.25%-4.50% for five times in a row till the previous July 2025 policy review.
Currently, CPI inflation in the US stands at 3%, which was cooler than expected by most analysts. The US Fed targets to bring in the retail inflation rate at 2%.
US Fed Rate Cut: How Will It Impact Indian Markets?
Currently, the Nifty futures (GIFT Nifty) are trading nearly 90 points lower at 26,166, suggesting a gap-down opening on Thursday.
For Indian markets, the US Fed rate cut is positive for sectors like IT, pharma, and other export-oriented industries.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
October 29, 2025, 23:32 IST
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Business
Nvidia Becomes $5 Trillion Powerhouse, Adding $7.6 Billion To Jensen Huang’s Net Worth In A Day
New Delhi: Nvidia CEO and co-founder Jensen Huang has seen his personal fortune soar past USD 180 billion (Rs 15 lakh crore), following a record-breaking rally in Nvidia’s stock that pushed the company’s market valuation to nearly $5 trillion (Rs 415 lakh crore). This milestone makes Nvidia one of the most valuable companies in the world, surpassing even major tech giants like Amazon and Alphabet in market capitalization.
According to Forbes’ Real-Time Billionaires Index, Huang’s wealth jumped by over USD 7.6 billion in a single day, rising 4.35 percent to around USD 182 billion. The sharp increase came after Nvidia’s shares surged to a new high of USD 212.19 on Nasdaq, driven by booming demand for its AI processors. Nvidia’s chips — including the H100 and Blackwell series — are now at the heart of global artificial intelligence systems used by companies like OpenAI, Microsoft, and Google.
Founded by Huang in 1993, Nvidia began as a small graphics card manufacturer. Today, it dominates the AI chip market, controlling more than 80 percent of the global GPU supply for data centers and machine learning models. The company’s meteoric rise has made Huang one of the fastest-growing billionaires in the world — and a key figure in the global AI race.
Nvidia’s success has also made it the first Nasdaq-listed firm to cross the USD 5 trillion mark, a feat achieved just months after it breached the USD 4 trillion level. Analysts say the company’s growth reflects how AI has reshaped the global technology industry, with investors betting that Nvidia’s dominance will continue as demand for AI hardware skyrockets.
Huang’s rise underscores how artificial intelligence is not only transforming technology but also rewriting the global billionaire rankings — with Nvidia’s visionary CEO now among the world’s richest individuals.
A scheme has been launched to compensate victims of the Post Office Capture IT scandal that saw former subpostmasters forced to repay shortfalls.
The Government said those affected can now apply for redress, with those found to be eligible set to receive £10,000 immediately and final awards potentially reaching up to £300,000 after full assessment by an independent panel, or more in certain cases.
The Capture system pre-dated the now infamous Horizon software, which has been responsible for around 1,000 wrongful convictions.
An independent report into faulty accounting system Capture was commissioned last year after subpostmasters said they had suffered similar problems to those faced by the Horizon victims.
The report by forensic accountants Kroll Associates, which concluded there was a reasonable likelihood that Capture – in use at Post Office branches between 1992 and 2000 – created financial shortfalls for postmasters.
In some cases, postmasters resorted to using their own savings to make up the difference.
The scheme will be not be open to postmasters who have criminal convictions related to Capture.
Those who were given criminal convictions must instead go through the Criminal Cases Review Commission, or its Scottish equivalent.
The Government has said it will “ensure that appropriate redress is given” to those where convictions are overturned by the courts.
The compensation scheme will be tested for the first 150 claimants before being rolled out more widely.
Post Office minister Blair McDougall said: “After over two decades of fighting for justice, postmasters and their families will finally receive recognition and recompense for the lives and livelihoods that Capture destroyed.
“I’d like to thank all of those victims who have helped us to design this scheme, allowing us to deliver on our promise of providing redress today.
“We can’t make up for everything they have lost, but today we begin restoring some of the dignity so cruelly taken away by this scandal.”
The Government said the scheme has been designed “hand in hand” with victims, while also taking lessons into account from redress schemes for the Horizon IT Scandal.
So far, more than £1.2 billion has been paid out in compensation to more than 9,000 victims of the Horizon scandal, it added.
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