07/19/2021 | Press release | Distributed by Public on 07/19/2021 08:03
BENGALURU/HYDERABAD, INDIA, July 19, 2021 - Goldman Sachs announced today the opening of a new office in Hyderabad as part of its commitment to expand its global center for engineering and business innovation in India. The new office is located at Salarpuria Sattva Knowledge City and includes functions across engineering, finance, human capital management, and support for consumer banking.
The new office was inaugurated by Shri K. T. Rama Rao, the Hon'ble Minister for IT, Industries, Municipal Administration and Urban Development, Govt. of Telangana, in the presence of Shri Jayesh Ranjan, Principal Secretary of IT and Industries in Telangana, Clark Ledger, Acting Consul General and Consular Chief in Hyderabad, Sonjoy Chatterjee, chairman and chief executive officer of Goldman Sachs in India, and Gunjan Samtani, head of Goldman Sachs Services in India. Local leaders from the industry and academia were also present.
During the opening, Shri K. T. Rama Rao said: 'I am pleased to inaugurate Goldman Sachs' office in Hyderabad. Hyderabad is emerging as a key investment destination for the banking and financial services industry in India, on account of Telangana state's success in establishing a vibrant ecosystem of global capability centers that attracts the very best talent. The continued commitment of Goldman Sachs to grow in India is commendable, as they are among the few global investment banks that have opened a new office in Hyderabad amid a global pandemic. I am also impressed by Goldman Sachs' focus on driving an inclusive work environment and their unwavering support to the communities in Telangana and across 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.'
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.
Gunjan Samtani, who heads the entity, said: 'Goldman Sachs India Services is at the intersection of cutting edge technology and financial services. We are happy to be in Hyderabad and bring our global expertise to create opportunities for the competitive talent pool and engage meaningfully with communities. Our Hyderabad office will be a center of excellence for consumer banking services, business analytics and platform engineering, including application of emerging technologies such as Artificial Intelligence and Machine Learning to augment our businesses.'
In adherence to local government guidelines, Hyderabad operations commenced remotely in March 2021 and 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 office, located in one of India's biggest Indian Green Building Council platinum rated campus, is focused on employee health and well-being. Commencing with level 4, the firm will occupy levels 4, 5 and 6 in tower 3 'Octave' in a phased manner, totalling 1,59,000 square feet and have a capacity of 1,300 seats. The workplace is enabled with state-of-the-art technology, flexible seating design with 100 percent height adjustable desks and ergonomic seating, inclusive spaces such as a contemplation room, ablution facility, lactation rooms, and collaboration spaces on each floor that foster innovation and build communities. Other campus amenities include crèche facilities, banking facilities, food and beverage outlets.
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About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About Goldman Sachs India
Goldman Sachs has been serving Indian clients since the early 1990s and established an onshore presence in Mumbai in 2006. Today, it serves leading corporate and institutional clients through corporate finance (investment banking), equity sales and trading and fixed income securities businesses, as well as providing macro-economic and investment research. Goldman Sachs is also an active investor in India, deploying more than $3.6 billion in capital since 2006. In 2004, Goldman Sachs opened its office in Bengaluru. Today, as an integral part of the firm's global activities, the Bengaluru office with approximately 7,000 professionals is the firm's second largest office in the world. In 2019, after investing $250 million, the firm opened a new campus at 150 Outer Ring Road in Bengaluru.
Goldman Sachs was named among Fortune magazine's 'World's Most Admired Companies' globally. Also, the firm ranked #1 in India as the 'Most Desirable Company To Work For' in the banking and finance by business school students, and among top ten 'Dream Companies To Work For' by engineering students, in Dare2Compete's 2021 Campus Employer Branding Report.