Goldman Sachs, a prominent multinational financial institution based in the United States, is set to amplify its presence in Hyderabad. The company is gearing up to open a brand-new, eight-story office and bolster its workforce in the city to 3,000 employees. Goldman Sachs' forthcoming expansion is expected to provide a significant boost to the Banking, Financial Services, and Insurance (BFSI) sector in Hyderabad. Currently, the Goldman Sachs office in Hyderabad is staffed by 1,000 employees.
The company has announced plans to inaugurate a new eight-storied office in Hyderabad. The office will be home to 2,000 professionals, increasing the company's total employee strength in Hyderabad to 3,000. The new office will be a centre of excellence for consumer banking services, business analytics, and platform engineering. It will also focus on emerging new technologies such as machine learning and artificial intelligence.
On Wednesday, IT and Industries Minister KT Rama Rao held a meeting with the leadership of Goldman Sachs in New York. Following the meeting, Rama Rao highlighted that the initiatives undertaken by the Telangana government to turn Hyderabad into a preferred choice for BFSI companies were producing favourable outcomes. He stated that Goldman Sachs' expansion would enhance Hyderabad's stature as a hub for BFSI activities. He further noted that the concerted efforts to nurture the BFSI sector had played a substantial role in elevating Hyderabad's appeal as a financial centre.
The new office will serve as a pivotal innovation hub for Goldman Sachs, further enhancing the institution's global reputation.
Hyderabad is home to a strong BFSI ecosystem, with a number of top firms such as MassMutual, HSBC, State Street, Berkadia, Wells Fargo, JP Morgan Chase, and Invesco already established a presence in the city. The city's progressive policies and investment-friendly environment have made it an attractive destination for financial services firms.
Goldman Sachs' decision to expand in Hyderabad is a vote of confidence in the city's growing economy and its potential as a global financial hub. The new office is expected to create hundreds of jobs and boost the local economy.
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