Goldman Sachs announces expansion plans in Hyderabad

Hyderabad: Embracing Hyderabad city’s potential and Telangana government’s initiatives, American multinational banking and financial powerhouse Goldman Sachs announces expansion of its operations in Hyderabad and would be inaugurating its new eight-floor office and increase employees strength to 3,000.

This decision comes after a productive meeting held between IT and Industries Minister KT Rama Rao and Goldman Sachs Chairman and CEO David M. Solomon in New York on Wednesday. This investment of Goldman Sachs would further boost the BFSI (Banking, Financial Services, and Insurance) sector in Hyderabad. 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.

At present, the Goldman Sachs Hyderabad office operates with 1000 employees. According to their latest expansion plan, the company would inaugurate its new eight-floor office with 2,000 professionals, increasing their total employees number to 3000 in Hyderabad. This new office will emerge as a center of excellence for consumer banking services, business analytics, and platform engineering. The centre will also focus on emerging technologies such as Artificial Intelligence and Machine Learning.

Rao said that the efforts of the Telangana government in transforming Hyderabad into a favorite destination for the BFSI firms were yielding positive results. He stated that Goldman Sachs' expansion would further strengthen Hyderabad’s position as a BFSI hub. He expressed happiness over Goldman Sachs’ creating employment opportunities for thousands of professionals in the region. He thanked the leadership team for expanding their operations in the city.

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

Chairman and Chief Executive Officer David M Solomon emphasised that the new office would serve as a pivotal innovation hub for various facets of Goldman Sachs' operations, further enhancing the institution's global reputation. He added that Hyderabad’s strong BFSI ecosystem, progressive policies of the Telangana Government, and investment-friendly environment have encouraged Goldman Sachs' to expand its operations in the city. Goldman Sachs' expanded presence in Hyderabad exemplifies a powerful stride toward harnessing the full potential of the city's talent.