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BENGALURU : Goldman Sachs Group Inc., which operates as a global in-house centre (GIC) out of India, aims to hire about 2,500 people by 2023, as it expands operations with the launch of a new centre in Hyderabad.

Officially launched on Monday, operations in the Hyderabad centre began from March with about 250 employees working remotely. This includes new hires and internal relocations from Bengaluru. By the end of 2021, the global investment firm expects the Hyderabad office to grow to 800 employees, of which about 70% will be new hires.

The Hyderabad centre is part of its commitment to expand its GIC for engineering and business innovation in India. The new office will have people across functions such as engineering, finance, human capital management, and support for consumer banking.

“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," said David M. Solomon, chairman and chief executive officer, Goldman Sachs.

In 2004, Goldman Sachs opened its first office in Bengaluru, which grew to become its second largest technology hub in the world with about 7,000 professionals. The Bengaluru and Hyderabad offices will complement each other in both the execution and support offered to global businesses, and collectively form the Goldman Sachs Services Pvt. Ltd entity in India.

“The Hyderabad centre will be a centre of excellence for consumer banking services, business analytics and platform engineering, including application of emerging technologies such as artificial intelligence and machine learning to augment our businesses," said Gunjan Samtani, head of Goldman Sachs in India.

Goldman Sachs has been serving Indian clients since the early 1990s and established an onshore presence in Mumbai in 2006. Today, it serves leading corporate and institutional clients through corporate finance (investment banking), equity sales and trading, and fixed income securities businesses, as well as providing macroeconomic and investment research. Goldman Sachs is also an active investor in India, deploying more than $3.6 billion in capital since 2006.

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