Goldman Sachs is planning to increase its India engineering headcount in Bengaluru in a move to make the country a major hub for clients globally. The company’s headcount includes 2,500 engineers and it is expected to add more at the 7,300-seater Bengaluru innovation hub.
Gunjan Samtani, head of Goldman Sachs Services India stated, “We have grown by 24% year-on-year, and increased our campus hiring by 20% in the last five years. Lateral hiring has increased by 30%. Our hiring trajectory is more aligned with the (business) growth.”
The multinational investment bank which set up offices in the country in 2004 with about 290 employees, now has more than 5,000 people. It has invested $250 Mn to develop a new 10.5-acre hub, its third largest in the world. Goldman Sachs is also consolidating all employees from various locations in the city to its Bengaluru hub.
The move to increase headcount comes as the investment bank has seen significant technology value-addition from Bengaluru during the past one-and-a-half decades, and software solutions developed in the city have been used in many business verticals. It has also undertaken automation of key services such as client onboarding, the company said.
Samtani added, “In Bengaluru, our engineers are embedded in each of our businesses, whether it is securities business, investment banking, asset management, investment research, and compliance.”
For the firm, Bengaluru has become an innovation centre for the company, not just in engineering but also in transforming its businesses through automation, digitization, and re-engineering its business processes.