Foreword Introduction: the opportunity Policy and regulation Aligning US and UK approaches Investment and capital 昀氀ows Sector focus Looking ahead Sector focus US and UK 昀椀nancial and professional services: growing together The UK is a globally-connected hub of specialist and leading-edge products and services. Opportunities for US 昀椀rms abound in London and beyond – around two thirds of UK 昀椀nancial and professional services jobs are based outside of the capital. Banking and capital markets 12 “London was Goldman Sachs’ With more than 200 foreign banks, the UK boasts 昀椀rst overseas o昀케ce in 1970, and the most international and globally-connected 13 banking sector. over half a century later, our The UK is also a great launchpad for new banking commitment to the UK is stronger solutions, thanks to its pioneering open banking than ever. We’re proud of our broad and deep o昀昀ering across framework. In 2018, Goldman Sachs introduced its digital UK 昀椀nancial markets – partnering bank, Marcus, in the UK. By the end of 2022, Marcus had 14 attracted £23bn in savings deposits. with some of the country’s largest The sector is also growing steadily outside of the companies as they tap the capital markets to evolve and grow; capital, driven by a boom in tech and cyber. US banks supporting innovative UK startups “London and New York are two of the world’s leading have opened in Manchester (BNY Mellon), Birmingham through our growth equity business; 昀椀nancial centres and they are at the heart of Citi’s (Goldman Sachs), Edinburgh (J.P. Morgan), and Glasgow global network. Our signi昀椀cant presence in both (Morgan Stanley). and o昀昀ering market-leading rates to UK savers. With over 6,500 sta昀昀 markets, coupled with our unique global footprint, across our London HQ and strategic ensures we are able to deliver as the preeminent 200+ locations in Birmingham and Milton banking partner for clients with cross-border needs. Keynes, we bene昀椀t every day from Deeper collaboration between the two countries is the UK’s strong talent ecosystem Foreign banks have a UK presence and global links. And this long- as critical as ever for international businesses, and term commitment to the UK goes we value the City of London’s e昀昀orts to showcase the beyond 昀椀nancial services, with our strength and talent that this city and UK 昀椀nancial 10,000 Small Businesses programme services have to o昀昀er globally.” supporting entrepreneurship and growth across the whole economy.” Tiina Lee, Chief Executive O昀케cer, Citi UK Richard J. Gnodde, CEO, Goldman Sachs International Sources: 12. Association of Foreign Banks and Bank of England 13. Bank of International Settlements 2023 14. Financial Times 2022 8