Deccan Chronicle

Goldman Sachs Increases Employees Strength to 3,000 From 1,000

Deccan Chronicle.| DC Correspondent

Published on: August 23, 2023 | Updated on: August 24, 2023
Goldman Sachs Group (Photo: AP)

Goldman Sachs Group (Photo: AP)

HYDERABAD: American multinational banking and financial powerhouse Goldman Sachs announced expansion of its operations in Hyderabad.

At present, the Goldman Sachs Hyderabad office operates with 1,000 employees. According to their latest expansion plan, the company will inaugurate its new eight-floor office with 2,000 professionals, increasing their total employees number to 3,000 in Hyderabad. This new office will emerge as a center of excellence for consumer banking services, business analytics, and platform engineering.  IT will also focus on emerging technologies such as artificial intelligence and machine learning.

This decision to expand comes after a productive meeting held between minister KT Rama Rao and the Goldman Sachs senior executive team in New York, on Wednesday. This investment of Goldman Sachs will further boost the banking, financial services, and insurance  (BFSI) sector in Hyderabad.

Solomon emphasised that the new office would serve as a pivotal innovation hub for various facets of Goldman Sachs' operations. Goldman Sachs has unveiled their ambitious expansion plans in Hyderabad while highlighting the city's robust talent pool and the pro-business environment fostered by the Telangana government within the BFSI ecosystem.

Rama Rao stated that 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 strengthen Hyderabad’s position as a BFSI hub. He expressed happiness over Goldman Sachs’ creating employment opportunities for thousands of professionals in the region.  Top firms such as MassMutual, HSBC, State Street, Berkadia, Wells Fargo, JP Morgan Chase, and Invesco have already established their presence in the city.

Goldman Sachs has been a part of Hyderabad's thriving business landscape since July 2021, when it inaugurated a new office, a release said.

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