Goldman Sachs Announces Expansion Plans In Hyderabad
Goldman Sachs, a prominent international banking and financial giant, is set to inaugurate a modern eight-story office in Hyderabad, leading to a total workforce of 3,000 employees in the city. The establishment of this new office by Goldman Sachs is anticipated to have a positive effect on Hyderabad's Banking, Financial Services, and Insurance (BFSI) sector. Presently, the Hyderabad office of Goldman Sachs employs 1,000 professionals.
The upcoming headquarters, spanning eight floors, will accommodate 2,000 experts as per the latest development plan. This expansion will bring the total employee count in Hyderabad to 3,000. The company's official statement reveals that the new facility is intended to become a hub of excellence focusing on platform engineering, business analytics, and consumer banking services. The center will also be dedicated to cutting-edge technologies such as artificial intelligence and machine learning.
During a meeting in New York on Wednesday, IT and Industries Minister KT Rama Rao engaged with top executives from Goldman Sachs. Following the meeting, Rama Rao highlighted the Telangana government's efforts to position Hyderabad as a preferred destination for BFSI enterprises. He emphasized that these initiatives have considerably enhanced Hyderabad's attractiveness as a financial hub. He also expressed confidence that the expansion of Goldman Sachs would further solidify the city's status as a thriving BFSI hub.
Prominent entities like MassMutual, HSBC, State Street, Berkadia, Wells Fargo, JP Morgan Chase, and Invesco had already established a strong presence in Hyderabad, consistently undergoing multidimensional expansion each year, according to Rama Rao. Goldman Sachs has stated that the new location will play a pivotal role as an innovation center for various facets of its global operations, thereby bolstering its worldwide reputation. The progressive policies of the Telangana government, Hyderabad's robust BFSI ecosystem, and the city's hospitable environment for investments have collectively influenced Goldman Sachs' decision to extend its footprint in this region.
