Goldman Sachs has identified Hyderabad as its new location for global shared services footprint in India and will set up an office in city with about 500 employees.
The move is a part of its India location strategy to diversify geographic presence and enhance talent reach, to support the growing global businesses and enhance long-term competitiveness.
The office here will be the second location for Goldman Sachs Services in India. The facility will complement its Bengaluru office footprint in terms of both the execution and support that it will provide to the investment and financial services major’s businesses globally.
The Hyderabad office is expected to commence in the second half of 2021 with about 500 employees. It has potential for future growth and leverage the expertise of the existing leadership in Bengaluru office, while investing in a strong pool of competitive world class local talent, a Goldman Sachs statement shared by IT and Industries Minister K.T. Rama Rao’s office said.
The statement followed a video conference the Goldman Sachs India leadership led by its India Chairman Sanjoy Chatterjee had with the Minister in which the top level executives explained plans for Hyderabad.
Mr. Rao responded positively and assured the government will provide complete support to the firm in its future ventures.
The key criteria, according to the Goldman Sachs release, for the new office location included availability of commercial real estate and housing for employees, a diverse talent pool, quality infrastructure in the city and support and commitment from the local government. Its Bengaluru office, at 150 Outer Ring Road, with over half of its 6,000 employees engineers, will continue to be a major location for Goldman Sachs in India.
Later, the Minister tweeted “delighted to welcome one of the leading global investment banks, @GoldmanSachs to Hyderabad. Thanks to Goldman Sachs India leadership team Sanjoy Chatterjee, Chairman; Gunjan Samtani, MD and India Head; Ravi Krishnan, MD and Chief Administrative Officer, for choosing Hyderabad.”
The fact that Hyderabad continues to attract investments from marquee companies amidst a pandemic is a testimony to the city's resilience and the competitive advantage it offers. The entry of Goldman Sachs will further augment the already strong fintech ecosystem in the city, Mr.Rao said.