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Banking and financial services major Goldman Sachs has opened a new facility in Hyderabad as part of its commitment to expand its global centre for engineering and business innovation in India.
The new office is expected to have about 800 people by year-end and grow to over 2,500 people by 2023. The new office will host functions across engineering, finance, human capital management, and support for consumer banking, and specialise in digital banking, artificial intelligence and machine learning areas.
After inaugurating the facility, KT Rama Rao, Telangana IT and Industries Minister, said “Hyderabad is emerging as a key investment destination for the banking and financial services industry in India, on account of Telangana State’s success in establishing a vibrant ecosystem of global capability centres that attracts the very best talent.”
“Goldman Sachs is among the few global investment banks that have opened a new office in Hyderabad amid a global pandemic. We have asked the Goldman Sachs team to work with WE Hub in their effort to empower women,” Rao said.
David M. Solomon, Chairman and CEO, Goldman Sachs, in a statement said: “Our new office in Hyderabad will serve as a crucial innovation hub for a wide range of our businesses and enhance our reputation as a global firm.”
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To complement each other
The Bengaluru and Hyderabad offices are expected to complement each other in both the execution and support offered to global businesses, and collectively form the Goldman Sachs Services Private Limited entity in India.
Gunjan Samtani, who heads the entity, said: “Our Hyderabad office will be a centre 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.”
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The Hyderabad operations commenced remotely in March 2021 and have about 250 employees. By the end of 2021, the Hyderabad office is expected to grow to 800 employees of which about 70 per cent employees will be new hires. By 2023, Hyderabad office could reach 2,500 employees, company officials said. The office has 1,59,000 sq ft space and has capacity to host 1,300 seats.
Founded in 1869, the New York-headquartered Goldman Sachs has been serving Indian clients since the early 1990s. Goldman Sachs is also an active investor in India, deploying more than $3.6 billion in capital since 2006.
Goldman Sachs’ Bengaluru unit has about 7,000 professionals, making it the firm’s second largest office in the world.
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