Goldman Sachs opens new office in Hyd

HYDERABAD: AS part of expanding its global centre for engineering and business innovation in India, Goldman Sachs opened a new office in the city at Salarpuria Sattva Knowledge City. The new office was inaugurated by Telangana IT Minister KT Rama Rao on Monday in the presence of local leaders from the industry and academia. The multi-national bank aims to hire as many as 2,500 employees at the Hyderabad office. In adherence to the government guidelines, the global investment management firm commenced its operations remotely in March. It currently has about 250 employees including new hires and internal relocations from Bengaluru. By the end of this year, it is expected to grow up to 800 employees, of which about 70 per cent will be new hires. By 2023, the size of the office could reach to 2,500 employees.

While inaugurating the new office, KTR said: "Hyderabad is emerging as a key investment destination for the banking and financial services industry in India, on account of the State's success in establishing a vibrant ecosystem of global capability centres that attracts the best talent. Goldman Sachs is one among the few global investment banks that have opened a new office in the city amid global pandemic."

"Our new office will serve as a crucial innovation hub for a wide range of businesses and enhance our reputation as a global firm. The abundance of talent in the city made it the obvious choice for our next location. Bengaluru and Hyderabad offices will complement each other in both the execution and support offered to global businesses," the company's Chairman and CEO David M Solomon said.

Goldman Sachs India head Gunjan Samtani said: "Our new office will be a center of excellence for consumer banking services, business analytics and platform engineering, including application of emerging technologies such as Artificial Intelligence and Machine Learning to augment our businesses."