HYDERABAD: Investment banking company Goldman Sachs has decided to venture into Hyderabad. Representatives of the firm interacted with IT and Industries Minister KT Rama Rao over video-conference on Thursday, elaborating upon their plans to set up shop in the city. Responding positively, KTR said the State government will support the firm in its future ventures. “The new Hyderabad office will be the second location of Goldman Sachs Services in India. It will complement the Bengaluru office in terms of both execution and support,” the company stated in a release.
The new office is expected to commence operations in the second half of 2021, with about 500 employees. It would leverage the expertise of the existing leadership from the Bengaluru office, while investing in a strong pool of competitive, world-class local talent. The key criteria for the new location includes availability of commercial real estate and housing for staff.
Diverse talent pool, quality infrastructure in the city, and support and commitment from the local government are the other factors behind choosing Hyderabad for its new office. The press release stated that Goldman Sachs identified Hyderabad as a new location for its global shared services footprint in India. “This was a part of the firm’s strategy to diversify its geographic presence and enhance talent reach, to support the growing global businesses and enhance long-term competitiveness,” the release said.