Goldman Sachs opens bigger office in Mumbai to scale up India operations

(Bloomberg) -- Goldman Sachs Group Inc. opened a new office in India’s financial capital as the US firm seeks to further expand in the world’s fourth-largest economy where it employs thousands of people.

The New York-based bank is now housed in Worli, a prominent commercial hub in Mumbai that is known for its high-end commercial real estate. The office premises are about 50% larger than its previous location in the city, according to a statement on Monday.

Occupying one and a half floors, the office features details that meets the firm’s global workplace standards like Zoom-enabled meeting rooms, height-adjustable desks and a cafe with on-site catering. It takes up more than 70,000 square feet, the Economic Times daily reported late last year.

“Our new Mumbai office is the next chapter in our multi-decade growth trajectory in India, underscoring the substantial opportunities we see in the market,” said Kevin Sneader, the firm’s Asia Pacific ex-Japan president. The bank employs about 8,500 people across its Indian offices.

India’s financial sector is seeing a renewed wave of global interest from Wall Street lenders and private equity giants. Goldman, which has catered to its clients in India since the 1980s, counts the country as home to its biggest offices outside the US.

The firm is among the top investment banks in India for M&A and equity capital markets activity. It is also an active investor, with more than $8.5 billion deployed in capital in the country since 2006.

Goldman’s so-called global capability centers in the southern Indian cities of Bengaluru and Hyderabad – launched in 2004 and 2021 – are the bank’s major hubs with operations ranging from investment research and finance to engineering and emerging technologies. The company opened a new office space in Hyderabad in 2023.

India’s government said the country became the world’s fourth-largest economy this year, though that milestone may not be reached until later in 2025. A Deloitte report this month highlighted how the country’s GDP ranking has gone from 11th in 2009 to fourth by the end of this year, driven by domestic demand and a tech-adaptive workforce.

(Adds details on India’s economy in eighth paragraph)

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