Goldman Sachs announces expansion plans in Hyderabad

American multinational banking and financial powerhouse Goldman Sachs has announced expansion of its operations in Hyderabad, as part of which it will soon inaugurate a new eight-storied office and increase the employee strength here to 3,000.

The decision came after a meeting between IT and Industries Minister KT Rama Rao and Goldman Sachs chairman and CEO David M. Solomon in New York on Wednesday. This investment of Goldman Sachs will further boost the banking, financial services and insurance (BFSI) sector in Hyderabad.

At present, the Goldman Sachs Hyderabad office operates with 1000 employees.

According to the latest expansion plan, the company will inaugurate its new eight-storied office with 2,000 professionals, increasing the total employee strength to 3000 in Hyderabad. The new office will emerge as a centre of excellence for consumer banking services, business analytics, and platform engineering, according to an official statement, which said the centre would also focus on emerging technologies such as Artificial Intelligence



and Machine Learning.

Speaking on the occasion, Rama Rao said the efforts of the Telangana government in transforming Hyderabad into a favorite destination for BFSI firms were yielding positive results. Goldman Sachs’ expansion would further strengthen Hyderabad’s position as a BFSI hub, he said, adding that efforts to foster the BFSI sector had significantly contributed to Hyderabad’s attractiveness as a financial hub. Top firms such as MassMutual, HSBC, State Street, Berkadia, Wells Fargo, JP Morgan Chase and Invesco had already established their presence in the city, experiencing multifaceted growth year after year, he said.

Goldman Sachs chairman and Chief Executive Officer David M. Solomon said the new office would serve as a pivotal innovation hub for various facets of Goldman Sachs’ operations, further enhancing the institution’s global reputation. Hyderabad’s strong BFSI ecosystem, progressive policies of the Telangana government and the investment-friendly environment here had encouraged the firm to expand its operations in the city, he said.