Goldman Sachs Opens New Office in Hyderabad

Investment bank Goldman Sachs recently announced the opening of a new office in Hyderabad to expand its global center for engineering and business innovation in India. 

According to the official press release, the new office includes functions across engineering, finance, human capital management, and support for consumer banking.

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Hyderabad operations currently have about 250 employees. This includes new hires and internal relocations from Bengaluru to ensure efficient knowledge transfer, culture orientation and to implement the firm’s talent seeding strategy.

By the end of 2021, it is expected that the Hyderabad office will grow to 800 employees of which about 70 percent employees will be new hires. By 2023, the size of the Hyderabad office could reach as many as 2,500 employees.

The Bengaluru and Hyderabad offices will 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.

Chairman and Chief Executive Officer David M. Solomon 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. I’m excited to continue our growth in India, and the abundance of talent in Hyderabad made it the obvious choice for our next location.”

As Fazzaco reported eariler, Goldman Sachs recently has published its earnings results for the second quarter of 2021​, ending on June 30, 2021, with the net revenues standing at $15.39 billion, 16% higher than the corresponding period in 2020 and 13% lower than prior quarter.