The new office will be part of the firm's global centre for engineering and business innovation, said a press release from Goldman Sachs. "In adherence to local government guidelines, Hyderabad operations commenced remotely in March 2021 and currently have about 250 employees...By the end of 2021, it is expected that the Hyderabad office will grow to 800 employees of which about 70 % employees will be new hires. By 2023 the size of the Hyderabad office could reach as many as 2,500 employees," it said.

The new facility was inaugurated by Telangana IT and Industries Minister KT Rama Rao, who said, “Hyderabad is emerging as a key investment destination for the banking and financial services industry in India on account of Telangana state's success in establishing a vibrant ecosystem of global capability centres that attract the very best talent."

“Goldman Sachs is among the few global investment banks that have opened a new office in Hyderabad amid a global pandemic. We have asked the Goldman Sachs team to work with WE Hub in their effort to empower women,” the minister added. 

The Chairman and Chief Executive Officer David M Solomon said that the new office will serve as a crucial innovation hub for a wide range of Goldman Sachs' businesses and enhance its reputation as a global firm.

The firm also has an office in Bengaluru with 7,000 professionals, its second-largest office in the world. The new Hyderabad and Bengaluru offices will complement each other in both execution and support offered to global businesses and collectively form the Goldman Sachs Services Private Limited entity in India, the company said.

Gunjan Samtani, head of Goldman Sachs in India said: “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.”