The group announced plans to create 1,000 jobs across the North as part of the Northern Ireland Investment Summit.
Mr Eastwood said the plans for the hub is a vote of confidence in talent based in Derry.
Said the Foyle MP: “EY’s decision to choose the north west as the site of their new hub demonstrates their confidence in our local talent pool, universities, and the region’s growth potential.
“This company is renowned as one of the ‘Big 4’ global accounting firms and this announcement is extremely exciting for our city and region which has been crying out for investment and recognition from a company of this stature.
“While the exact number of jobs to be based in Derry is yet to be confirmed, it is anticipated that the new hub will play a key role in the company’s expansion across the North with 1,000 jobs being created over the next five years in cyber security, data analytics and other areas.
“These jobs will mean greater opportunities for people here, allowing more of our talented workforce to live in the north west earning a decent salary for their efforts.
“This expansion is not only an endorsement of Derry’s growing reputation as a rising global player in the fintech and professional services sector, but of the potential of the city to grow and take advantage of the dual market access afforded to us under the Windsor Framework.
“I have repeatedly made the case that our city is a prime location for companies around the world looking to invest and establish a new base.
“The SDLP will work with EY and other companies to bring more investment to Derry and the success of this new hub will be key in demonstrating just how much our city and our people have to offer.”