BNY, the global financial services giant, has partnered with the University of Manchester on a £5 million, five-year initiative designed to determine how artificial intelligence can be deployed responsibly at scale within large, data-driven corporations. The Future of Work Alliance, announced today, will combine the bank’s operational experience of using AI across international markets with the university’s academic expertise in applied data science and inclusive innovation.
Bridging theory and practice
The core purpose of the alliance is to design and test new models for the “responsible use and application of AI” in global firms that rely on data. It aims to solve real-world business problems by connecting the University of Manchester’s research strengths directly with BNY’s operational needs. The project is being delivered through the Alliance Manchester Business School and backed by Unit M, the university’s innovation arm, which is led by Professor Lou Cordwell OBE. Unit M describes itself as a “fast-moving innovation unit” focused on building agile partnerships to turn academic research into inclusive economic growth.
Alejandro Perez, chief operating officer of BNY, said the challenge for many organisations lies in scaling AI across complex environments. “The Future of Work Alliance connects our operational reality with The University of Manchester’s world‑class research and talent pipeline to build the foundations for human‑led digital transformation at scale,” he said.
The alliance will focus on five key streams of work. Students will tackle live operational challenges at BNY through a dedicated research challenge programme. BNY leaders will take part in tailored executive education courses on AI adoption, developed by the Alliance Manchester Business School. Postgraduate internships will place students directly in BNY’s Manchester office. The project also includes AI-focused scholarships and an endowed chair to support academic leadership, and a keynote lecture series featuring academic and industry figures discussing responsible AI and the future workforce.
Professor Duncan Ivison, president and vice-chancellor of the University of Manchester, said the alliance brings together the institution’s “highly talented researchers, students and our civic mission” with BNY’s experience of deploying AI responsibly. “The Alliance shows how universities and industry can work together to build trusted approaches to AI, develop future skills and deliver long‑term economic and social value for Manchester and beyond,” he added.
BNY’s deepening roots in Manchester
Manchester is one of BNY’s six global hubs and the company already employs around 2,000 people there, having first established a presence in the city in 2005. This year it is moving to a new hub at 4 Angel Square in the NOMA district, a ten-storey Grade A office building that BNY has secured for sole occupancy. The building is part of the wider NOMA redevelopment — an £800 million, 20-acre mixed-use scheme — and is designed to a net-zero carbon standard with a target NABERS 5-star energy rating. Joe Manning, managing director of Invest Manchester, described BNY’s story in the city as “one of the best examples of what long-term investment in a place looks like.” He noted that BNY has grown into one of the city’s largest financial services employers and that Manchester is “the most AI-ready city in the UK.”
Invest Manchester, the city’s inward investment promotion agency, welcomes the alliance as a way to bring together two institutions with the credibility to tackle immediate questions around AI that businesses are facing. Manning’s own background includes roles at the Department for Business, Energy and Industrial Strategy.
Government endorsement and industrial strategy
Lord Stockwood, Minister for Investment at the Department for Business and Trade, praised the initiative as a clear example of the UK’s Industrial Strategy in action. “BNY’s £5 million initiative with The University of Manchester is excellent news for Manchester and the wider region, building on the firm’s long-standing contribution to the local economy,” he said. “The Future of Work Alliance is a clear example of our Industrial Strategy in action – bringing together a global financial leader and a top UK university to drive AI innovation, develop future skills and strengthen regional growth, helping secure the UK’s position as a leading destination for investment.”
Lord Stockwood was appointed Minister of State for Investment in September 2025 and has previously held leadership roles in technology companies and invested in early-stage tech firms. He has faced scrutiny for holding a significant stake in Perplexity AI, a controversial artificial intelligence company.
The alliance builds on BNY’s existing university collaborations, including partnerships with Carnegie Mellon University and the University of Central Florida. The £5 million funding is understood to be philanthropic and programme-based, and aligns with the wider UK government push to position the country as a “science and AI superpower.” The government has established AI Growth Zones, committed billions to compute capacity through its Sovereign AI Unit, and launched an AI Skills Partnership aimed at equipping millions of UK workers with essential AI skills by 2030. The executive education and postgraduate components of the Manchester alliance directly address the acknowledged digital skills gaps across the UK workforce.
Research at the University of Manchester spans fundamental AI discovery through to real-world impact, with a focus on ethical deployment and societal benefit. The university operates advanced computing infrastructure, centres for AI fundamentals, decision science, digital trust and robotics, and applies AI across sectors including healthcare. Unit M’s mission, as articulated by Professor Cordwell, is to “create innovation that works for everyone and the planet,” reinforcing the alliance’s emphasis on human-led digital transformation rather than outright replacement of jobs.
