Leigh Bramall, deputy leader of Sheffield City Council and cabinet member for business, said: “Today’s announcement is a real endorsement of our vision for the city centre and effectively helps to create a new financial district in the heart of Sheffield city centre, alongside other developments. It’s also a vote of confidence in our Sheffield Retail Quarter plans.

“We have been working closely with HSBC to shape its plans and cement its long-standing relationship with Sheffield – now it has chosen to maintain a significant part of its global business here. We now need to work with HSBC to finalise their requirements and to accelerate this phase of the Retail Quarter.

“Today, HSBC has confirmed Sheffield will always be a key location for HSBC.  This is welcome as we recognise the importance of protecting jobs in Sheffield after the announcement of recent job losses.  We will continue to support employees that are facing redundancy through this difficult period.”