The Bank of New York (BNY), one of the world's largest financial institutions, has confirmed its plan to close its Liverpool office located in the iconic Royal Liver Building. The move, expected to take place in 2026, will affect approximately 250 employees, with the majority being offered relocation to a new corporate hub in Manchester.
Key Takeaways
- BNY will close its office on the eighth floor of the Royal Liver Building in 2026.
- Approximately 250 Liverpool-based staff are impacted by the decision.
- Most employees will be offered the opportunity to transfer to a new BNY office in Manchester.
- The closure is part of a broader strategy to consolidate UK operations into a new 200,000 sq ft hub at 4 Angel Square, Manchester.
BNY to Depart Liverpool After More Than a Decade
BNY has been a significant tenant in the Royal Liver Building since 2013, occupying the entire 28,000 sq ft eighth floor. The company's departure marks the end of its more than ten-year presence in the city, raising concerns about the loss of high-skilled financial jobs from the local economy.
A spokesperson for the bank explained the decision as part of a routine review of its property portfolio. The move is intended to improve operational efficiency by bringing regional teams together under one roof.
"At BNY we continually evaluate our real estate footprint to ensure we are operating efficiently. For affected employees we have commenced a consultation process. We remain committed to serving our clients and relationships in the UK market and internationally."
The consultation process with the affected staff is now underway. The company has stated that the majority of the 250 Liverpool employees will have the option to relocate, though the full details of the transition are still being discussed.
Liverpool Office Facts
- Location: Eighth Floor, Royal Liver Building
- Size: 28,000 square feet
- Tenancy Start: 2013
- Staff Count: Approximately 250
- Planned Closure: 2026
Consolidation into New Manchester Hub
The closure of the Liverpool office is a key part of BNY's strategy to create a major corporate centre in Manchester. Last year, the bank signed a lease for the entirety of 4 Angel Square, a new 11-storey office building in the city's NOMA district.
This new 200,000 sq ft facility is currently undergoing fit-out and is expected to be ready for staff to move in during 2026. The building will consolidate not only the Liverpool team but also employees from two existing Manchester offices located at 3 Hardman Street in Spinningfields and One Piccadilly Gardens.
A 'Key Location' for Future Growth
Senior figures at BNY have previously highlighted Manchester's strategic importance. Speaking at the time of the Manchester lease agreement, Sean Turner, BNY's Head of Global Cash Management and European Money Transfer, described the city as a "key location" for the bank.
He emphasized the benefits of the new, highly sustainable office space, which holds impressive BREEAM Outstanding and NABERS five-star ratings for its environmental performance.
"Our high-performing teams will come together in a prime city centre office, providing a state-of-the-art environment that enhances client experience, culture, collaboration, and innovation," Turner said previously.
The move centralizes a significant portion of BNY's UK workforce outside of London into a single, modern facility designed to support future growth and collaboration.
About 4 Angel Square, Manchester
The new BNY hub is one of Manchester's most advanced office buildings. Its high sustainability credentials, including top ratings for energy efficiency, reflect a growing corporate demand for environmentally friendly real estate. The 200,000 sq ft space is designed to accommodate thousands of employees and features modern technology and collaborative workspaces.
Impact on Liverpool's Office Market
The announcement of BNY's departure comes at a challenging time for Liverpool's commercial property sector. Recent market data for the first half of the year indicated a 27% decrease in office space take-up compared to the same period in the previous year.
The loss of a major financial services tenant occupying a prime 28,000 sq ft space presents a significant challenge. However, the Royal Liver Building has recently shown resilience by securing other tenants. Digital infrastructure company Kyndryl recently signed a lease for 15,000 sq ft within the same building, demonstrating continued demand for high-quality office space on the waterfront.
The departure of BNY will likely intensify discussions among city leaders and economic development bodies about how to attract and retain major corporate employers. The move highlights the increasing competition between Liverpool and Manchester for high-value jobs and investment.
Broader Economic Concerns for the City Region
The relocation of approximately 250 financial sector jobs is a significant economic event for Liverpool. This type of role is crucial for a balanced and diverse city economy, which aims to be more than just a destination for tourism and hospitality.
This is not the first instance of a major employer moving roles from Merseyside to Manchester. A few years ago, sportswear brand Castore also relocated around 250 jobs, following a similar pattern of consolidating operations in the neighbouring city.
These moves have fuelled a debate about the economic strategies of the Liverpool City Region and whether enough is being done to create an attractive environment for large corporations. The challenge for local authorities will be to develop a long-term plan that can effectively compete for investment and prevent the migration of skilled jobs down the M62.
For the affected employees, the decision forces a difficult choice between relocating to a new city, facing a significant daily commute, or seeking new employment within Liverpool. The transition period and the support offered by BNY during the consultation process will be critical for the staff involved.