Goldman Sachs opens its second India office in Hyd

Global investment bank Goldman Sachs on Monday inaugurated its new office in Hyderabad — the second location in India after Bengaluru. The Hyderabad office would have staff for functions across engineering, finance, human capital management, and support for consumer banking.

The Hyderabad office currently has around 250 employees, who began their work remotely from March 2021. By the end of 2021, Goldman Sachs said the Hyderabad office will have 800 employees, of which about 70 per cent of employees will be new hires. “By 2023, the size of the Hyderabad office could reach as many as 2,500 employees,” the global investment bank said.

Inaugurating the Hyderabad office, IT and industries minister K.T. Rama Rao said: “The initial hiring was around 500. In the last 6-7 months, the kind of response they received and the infrastructure that the city has have motivated them to launch big operations in the city. Today, I was told that they are looking at hiring 2,500 people, almost quintupling the initial number…”

Though Goldman Sachs said that the headcount would reach 2,500 by the year 2023, the minister said he was confident that it would cross the hiring number much before. Gunjan Samtani, head of Goldman Sachs Services in India, said the “Hyderabad office will be a centre of excellence for consumer banking services, business analytics and platform engineering, including the application of emerging technologies such as Artificial Intelligence and Machine Learning to augment our businesses.”

The global investment bank currently has its second-largest office in the world in Bengaluru. It was opened in 2004 and currently has a headcount of around 7,000 professionals.