Goldman Sachs to open eight-floor office, expand headcount to 3,000 in Hyderabad

HYDERABAD: American multinational banking and financial services major Goldman Sachs will be opening its 8-storied office and expand its headcount from the current 1,000 to 3,000 in Hyderabad.

This decision was announced after a meeting between Telangana Minister for IT and Industries KT Rama Rao (KTR) and Goldman Sachs Chairman and CEO David M Solomon in New York on Wednesday. This investment of Goldman Sachs would boost the BFSI (Banking, Financial Services, and Insurance) sector in Hyderabad.

Goldman Sachs unveiled its expansion plans in Hyderabad, as it considered the city's potential in terms of robust talent pool and business-friendly environment.

Presently, the Goldman Sachs Hyderabad office operates with as many as 1,000 employees.

According to the latest expansion plan, the company would increase its total employee headcount to 3,000 in Hyderabad. This new office would emerge as a centre of excellence for consumer banking services, business analytics, and platform engineering. The centre would also focus on emerging technologies such as Artificial Intelligence and Machine Learning.

"The efforts of the Telangana Government in transforming Hyderabad into a favourite destination for the BFSI firms are yielding positive results. Goldman Sachs expansion will further strengthen Hyderabad’s position as a BFSI hub, " KTR said. He expressed happiness over Goldman Sachs creating employment opportunities for thousands of professionals in the region and thanked its leadership team for expanding their operations in the city.

The IT Minister said that Telangana Government's concerted efforts to foster the BFSI sector had significantly contributed to Hyderabad's growth potential as a financial hub. He also said that top firms such as MassMutual, HSBC, State Street, Berkadia, Wells Fargo, JP Morgan Chase, and Invesco had already established their significant presence in Hyderabad with multifold growth year after year.

Goldman Sachs had been operating in Hyderabad since July 2021, when it inaugurated a new office. Chairman and Chief Executive Officer David M. Solomon said that the new office would serve as a pivotal innovation hub for various facets of Goldman Sachs' operations, further enhancing the institution's global reputation.

He also said that Hyderabad’s strong BFSI ecosystem, progressive policies of the Telangana Government, and investment-friendly environment had encouraged Goldman Sachs' to expand its operations in the city.