Goldman Sachs Expands in India to Tap Into Skilled Workforce

Daniel Mitchell
October 6, 2023
11:42 am

Goldman Sachs Group Inc. has announced its expansion in India with the opening of a new office in Hyderabad.

This move is aimed at leveraging the country’s abundant pool of talented professionals. Photo: Shutterstock

The decision comes after Prime Minister Narendra Modi pitched India’s growth potential to the firm during a meeting in New Delhi.

The Hyderabad office will primarily focus on acquiring new clients, platform engineering, and forging global enterprise partnerships, according to a press release from the investment bank.

The nine-story tower, covering an impressive area of 351,000 square feet (32,609 square meters), has the capacity to accommodate nearly 2,500 employees.

India has been attracting major multinational corporations, with many setting up global capability centers in the country.

These centers have witnessed a shift in roles from traditional IT support to more advanced and specialized positions.

Nasscom, a trade body for India’s technology industry, reports that India currently boasts more than 1,600 of these centers, accounting for over 40% of such centers worldwide.

Richard Gnodde, CEO of Goldman Sachs International, expressed confidence in the growth prospects of their presence in India, stating, “Our presence in India is fueled by the extraordinary talent available in the country.”

Goldman Sachs initially entered the Hyderabad market in 2021, engaging in various operations such as engineering, finance, cloud computing, and artificial intelligence, as highlighted in the official statement.

With over 1,500 professionals already employed in the Hyderabad office, the addition of this new office represents a significant expansion for the firm.

Aside from the new Hyderabad office, Goldman Sachs maintains a presence in Mumbai, Bengaluru, and Hyderabad, where it is transitioning to the new facility.

This expansion underscores the firm’s commitment to tapping into India’s skilled workforce and further enhancing its capabilities in the region.

By expanding its operations in India, Goldman Sachs is positioning itself to leverage the country’s talent pool and contribute to its own growth.

This move represents a strategic investment in one of the world’s fastest-growing economies and demonstrates the bank’s long-term commitment to the market.

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