Goldman Sachs opens new Hyderabad office

To recruit 2,500 people, 5 times it has initially planned to

Hyderabad: After Kerala-based textile major Kitex’s decision to invest in Telangana, financial services major Goldman Sachs has opened its office in Hyderabad. Founded in 1860 and headquartered in New York, the company started working out of the city remotely from March but formally inaugurated its premises on Monday.

Industries and IT Minister KT Rama Rao, who inaugurated the new premises, said Telangana has been attracting key investments despite the Covid-19 pandemic. “The focus of companies is not just limited to Hyderabad but to the entire State. We are continuing with our efforts to attract investments to the State. More investments will be announced in the due course of time,” he said.

“I am delighted and proud to welcome Goldman Sachs to Hyderabad. In our initial talks, the company said it would recruit about 500 people. But today, they have announced plans to recruit 2,500 people. That reflects the trust the company has in the capabilities of our manpower,” he said.

Goldman Sachs, which already has operations in Bengaluru, was looking to expand its operations to a second city and had multiple cities in mind. It zeroed in on Hyderabad seeing the presence of an enabling work ecosystem as well as infrastructure in the city, the Minister said.

“Hyderabad is emerging as a key investment destination for banking and financial services industry (BFSI) in the country on account of the State’s success in establishing a vibrant ecosystem of global capability centres that attracts the best talent. Goldman Sachs is among the global investment banks that have opened a new office in Hyderabad amid the pandemic,” Rama Rao said, adding that he was also impressed by the company’s focus on driving an inclusive work environment and its support to communities in the State and across India.

About 1.8 lakh people are working in the BFSI segment here. “The company said it would have 2,500 people working for it by 2023 in Hyderabad. But I am sure the company will reach that figure in about a year or so, much ahead of their target. I am sure the company will make a request soon for expansion,” he said.

He asked Goldman Sachs to work with State incubators T-Hub and We-Hub to nurture innovation and also foster entrepreneurship. He also said Telangana Academy of Skills and Knowledge could also be roped in to impart specific skills.

Govt asks to IT firms to resume work from office

With Covid numbers coming down, the State government is now focused on getting companies in the IT corridor to resume work from office again, IT Minister KT Rama Rao said on Monday.
“We have spoken to about 350 companies from the IT sector asking them to resume work from office. They will start soon with about one-third workforce. A significant number of the staff has had at least one dose of vaccine. Coming back to office is a function of getting all employees vaccinated,” the Minister said on the sidelines of the inauguration of Goldman Sachs’ premises.

The government has been interacting with multiple stakeholders asking them to start work from office as this will revive the sagging economy and will positively impact associated segments such as cab services, support staff, security guards, kitchens, consumables and more.

 

 

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