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| Bank of America to double Chester workforce by 2020 | Bank of America to double Chester workforce by 2020 |
| (about 1 hour later) | |
| Bank of America has announced plans to create about 1,000 jobs at its Merrill Lynch base in Chester. | Bank of America has announced plans to create about 1,000 jobs at its Merrill Lynch base in Chester. |
| The move would see the international banking giant's workforce at Chester Business Park double in size by 2020. | The move would see the international banking giant's workforce at Chester Business Park double in size by 2020. |
| Many of the roles - in finance, support and regulatory compliance - will be relocating from London, with a company director saying this would save money. | Many of the roles - in finance, support and regulatory compliance - will be relocating from London, with a company director saying this would save money. |
| Since 2010 the Bank of America's Chester workforce has grown from 200 to about 1,000. | Since 2010 the Bank of America's Chester workforce has grown from 200 to about 1,000. |
| 'Cost advantage' | 'Cost advantage' |
| Managing director Stephen Miller said new European financial regulations have resulted in new jobs being created. | Managing director Stephen Miller said new European financial regulations have resulted in new jobs being created. |
| "All of that activity is effectively new to banking, which requires new roles," he said. | "All of that activity is effectively new to banking, which requires new roles," he said. |
| "That support can be done outside London. Of course there is a cost advantage to not being based in a metro centre." | "That support can be done outside London. Of course there is a cost advantage to not being based in a metro centre." |
| City Minister Harriet Baldwin welcomed the news as being a boost for the Northern Powerhouse. | City Minister Harriet Baldwin welcomed the news as being a boost for the Northern Powerhouse. |
| "We want to see growth in financial services jobs right across the UK," she said. | "We want to see growth in financial services jobs right across the UK," she said. |
| Chester MP Chris Matheson said: "It's fantastic news and proves, once agai,n Chester's continuing pre-eminence in the financial sector." |