Mumbai: Wall Street bank Goldman Sachs on Monday expanded its back-office operations in the country with the inauguration of 1,300-seater office space in Hyderabad.

The bank, which already has a similar office in Bengaluru, will be hiring 560 people by the end of 2021 as part of the expansion, according to a statement.

It can be noted that a slew of global banks and financial institutions have such offices in various parts of the country, including Bengaluru, Pune and Hyderabad, where local staff help carry out necessary processes for worldwide operations and innovation activities.

Goldman Sachs chairman and chief executive David M Solomon said he is excited to continue the growth in India, and the Hyderabad office will serve as an innovation hub for a wide range of businesses.

“…the abundance of talent in Hyderabad made it the obvious choice for our next location,” he added.

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, the company statement said.

Operations in Hyderabad commenced remotely in March this year and 250 people are based there currently, which includes new recruits and internal relocations from Bengaluru.

“By the end of 2021, it is expected that the

Hyderabad office will grow to 800 employees, of which about 70 per cent of employees will be new hires. By 2023, the size of the Hyderabad office could reach as many as 2,500 employees,” the company statement said.

The company will occupy three levels in a building measuring 1.59 lakh square feet with the capacity to house 1,300 seats in a phased manner.

“Our Hyderabad office will be a centre of excellence for consumer banking services, business analytics and platform engineering, including the application of emerging technologies such as Artificial Intelligence and Machine Learning to augment our businesses,” said Gunjan Samtani, who heads Goldman Sachs Services.

“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,” Telangana''s Minister for IT and Industries KT Rama Rao, who inaugurated the office, said.

He said Hyderabad is emerging as a key investment destination for the banking and financial services industry in India.

Jayesh Ranjan, Principal Secretary of IT and Industries in Telangana; Clark Ledger, the Acting Consul General and Consular Chief in Hyderabad and Sonjoy Chatterjee, chairman and chief executive of Goldman Sachs in India, were among those present at the inauguration, the company said.

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