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.
This strategic decision comes after a productive meeting held between IT and Industries Minister K.T. Rama Rao and the Goldman Sachs senior executive team in New York on Wednesday. This investment of Goldman Sachs will further boost the BFSI (Banking, Financial Services, and Insurance) sector in Hyderabad.
Goldman Sachs has unveiled its 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 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 centre 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.
Mr. Rama Rao stated that the efforts of the Telangana government in transforming Hyderabad into a favorite destination for the BFSI firms are yielding positive results. He stated that Goldman Sachs’ expansion will 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.
Mr. Rama Rao said the Telangana government’s concerted efforts to foster the BFSI sector have significantly contributed to Hyderabad’s attractiveness as a financial hub. He added that the top firms such as MassMutual, HSBC, State Street, Berkadia, Wells Fargo, JP Morgan Chase, and Invesco have already established their robust presence in the city, experiencing multifaceted growth year after year.
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.
