Goldman Sachs Group, a provider of investment banking, securities and investment management services, has announced the opening of its office in Hyderabad, India. It is expected to create 800 new jobs by the end of 2021. The new location forms part of the company’s commitment to expand its global centre for engineering and business innovation in India and will offer engineering, finance, human capital management and support for consumer banking.

Hyderabad operations commenced remotely in March 2021 and currently have approximately 250 employees, some of which have been internal relocations from the company’s existing office in Bangalore. By the end of 2021, it is expected the office will grow to 800 employees, of which 70% will be new hires, and by 2023 could reach as many as 2,500 employees.

The company’s chairman and chief executive officer David M Solomon stated: “Our new office in Hyderabad will serve as a crucial innovation hub for a wide range of our businesses and enhance our reputation as a global firm. I am excited to continue our growth in India, and the abundance of talent in Hyderabad made it the obvious choice for our next location.”

The 14,700m2 office is located in Hitec City, a tech industry hub in Hyderabad’s business district, and will complement the firm’s existing Indian locations. According to a company press release, Goldman Sachs began serving Indian clients in the early 1900s and currently houses 7,000 professionals in Bangalore, its second-largest office globally. In 2019, the company invested $250m to open a new campus at 150 Outer Ring Road in Bangalore and also established an onshore presence in Mumbai in 2006.

Goldman Sachs is headquartered in New York City and employs about 40,500 staff across 72 locations worldwide.