Goldman Sachs, a global investment banking firm, inaugurated its new office, Opel, in Hyderabad on October 6, 2023, as part of its expansion strategy. The office will serve as the 'centre of excellence' for client operations, engineering, and global collaborations.
The investment banking firm is focused on bolstering its presence in India's BFSI sector. Presently, the office houses 1,500 employees, with 75% of them being new hires, aligning with the firm's planned talent acquisition strategy. The remaining employees are internal transfers from the Bengaluru office. These internal hires will play a crucial role in providing training and cultural orientation to the new hires, spanning various functions, including engineering, finance, human capital management, and consumer business services. Additionally, they will have opportunities to delve into emerging technologies such as cloud computing, artificial intelligence, and machine learning functions.
During the inauguration, K T Rama Rao, Minister for IT, Industries, Municipal Administration, and Urban Development of the Telangana state government, expressed his enthusiasm, stating, "I am pleased to inaugurate Goldman Sachs' new long-term office in Hyderabad after their initial establishment here in 2021. This reflects Telangana's comprehensive initiatives to engage, collaborate, and attract multinational firms to set up in Hyderabad. This will contribute to our vibrant ecosystem of global companies and startups, creating global opportunities for local talent. I also commend Goldman Sachs' commitment to uplifting the local community through their initiatives, including digital literacy, women entrepreneurship, and local vendor engagements."
Richard Gnodde, CEO of Goldman Sachs International, added, "Our growth story in India is compelling and is made possible by the country's extraordinary talent. Over the last two decades, Bengaluru and Hyderabad have become integral to the firm's global activities. Our new Hyderabad office is a testament to the firm's continued commitment to Indian talent, which is world-class."
Furthermore, Gunjan Samtani, Country Head of Goldman Sachs Services India and Global COO of Engineering at Goldman Sachs, underlined, "This new Hyderabad office exemplifies our priorities of collaboration, innovation, sustainability, and cutting-edge technology. It underscores our commitment to enabling our people to innovate locally and collaborate globally. In just two years, our teams in Hyderabad have established deep competencies, driving enhanced client experience and revenue enablement for the firm, including the redesign of our engineering platforms and talent engagement processes."