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Mr Edward C. Forst (left), Chief Administrative Officer, Goldman Sachs, and Mr David T. Simons, Head of Goldman Sachs Bangalore facility, at a press conference in Bangalore on Tuesday. - - G. R. N. Somashekar

Bangalore , June 7

THE US investment bank Goldman Sachs proposes to ramp up the head count to 1,500 people over the next five years at its new back office facility.

Speaking to reporters after inaugurating its facility here on Tuesday, the Goldman Sachs Chief Administrative Officer, Mr Edward Forst, said that this facility was set up to serve its international clientele.

Currently, the facility employed 500 people, he said, adding the company has so far invested $30 million for building the facility and the technological infrastructure.

The Bangalore facility, Mr Forst said, would provide services to a wide variety of services provided by Goldman Sachs throughout the world.

These services include asset management, commodities, financial derivatives, mergers and acquisitions, private equity and capital raising activities for Government/Government-owned corporations. Approximately, 35 per cent of Goldman Sachs operations were in technology-related areas, he said.

Mr David Simons, Head of Goldman Sachs Bangalore facility, said

the functions of this facility would be confined only to support services. Goldman Sachs currently employs 21,000 people worldwide and has annual revenues of $3.3 billion.

Mr Forst said the employees at the Bangalore facility were trained for three months at the Goldman Sachs international centres in Tokyo, London and New York. The major factor that attracted Goldman Sachs into the country was the cost advantage, he admitted. Asked whether the operations would be upgraded into a revenue generating activity, he replied in the negative.

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Goldman Sachs opens new facility, to ramp up head count

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