Goldman Sachs unveils plans to expand to Hyderabad; to begin operations in 2021

Investment banking firm Goldman Sachs has on Thursday revealed its plans to operate from Hyderabad, in addition to its current location in Bangalore.

According to an official statement, the Hyderabad office is expected to commence in the second half of 2021 with about 500 employees, “and has potential for future growth.”

The new office will be the second location for Goldman Sachs services in India and will complement the Bengaluru office footprint in terms of both the execution and support that it will provide to the firm’s businesses globally, the company said.

Representatives of Goldman Sachs have interacted with Telangana’s IT and investments minister KT Rama Rao through a virtual conference and explained their plans to come to Hyderabad.

Rao responded positively and stated that the government will provide complete support to the firm’s future ventures.

The Hyderabad plan is said to be part of the financial services firm’s India location strategy “to diversify its geographic presence and enhance talent reach, to support the growing global businesses and enhance long-term competitiveness.”

“The new centre will leverage the expertise of the existing leadership in the Bengaluru office, while investing in a strong pool of competitive world-class local talent. Key criteria for the new office location included the 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,” the statement said.

The Bengaluru Office with over half of its 6,000 employees as engineers, will continue to be a major location for Goldman Sachs in India.