Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,921.50-96.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

With new hiring, Bengaluru to engineer global Goldman

The company has invested $250 million to develop a new 10.5-acre hub, its third largest in the world.

ET Bureau|
May 31, 2019, 07.34 AM IST
0Comments
Getty Images
jobs
City hub to become key office for global clients.
BENGALURU: Goldman Sachs is planning to increase India engineering headcount in Bengaluru, as the multinational investment bank looks to make the country a major hub for clients globally.

Goldman, which set up offices here in 2004 with about 290 employees, now has more than 5,000 people. “We have grown by 24% year on year, and increased our campus hiring by 20% in the last five years. Lateral hiring has increased by 30%,” said Gunjan Samtani, head of Goldman Sachs Services India. “Our hiring trajectory is more aligned with the (business) growth.”

The company has invested $250 million to develop a new 10.5-acre hub, its third largest in the world. The company’s headcount includes 2,500 engineers and it is expected to add more at the 7,300-seater Bengaluru innovation hub. Goldman Sachs is also consolidating all employees from various locations in the city to its sprawling 1.2 million square-foot hub.

The investment bank has seen significant technology value-addition from Bengaluru during the past one-and-a-half decades, and software solutions developed in the city have been used in many business verticals. It has also undertaken automation of key services such as client onboarding, the company said.

“Client onboarding is a very cumbersome process. We have now achieved nimbler ways to onboard clients,” Samtani said.

“In Bengaluru, our engineers are embedded in each of our businesses, whether it is securities business, investment banking, asset management, investment research or compliance,” he said.

Bengaluru has become an innovation centre for the company, not just in engineering but also in transforming its businesses through automation and digitisation, through re-engineering its business processes.

The company also has dedicated teams for platform development in India and has started work on sophisticated functions, adding more value.

“The sophistication and the maturity of the functions that we now have built in Bengaluru are providing the firm true transformation across our businesses,” Samtani pointed out.

Also Read

Umbrella body to deal with Bengaluru's mobility

Second runway commences operations at international airport in Bengaluru

Centre examining Bengaluru suburban rail project

STPI announces IoT centre of excellence in Bengaluru

'Robot Restaurant' comes to Bengaluru

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

    In Case you missed it


    Other useful Links


    Follow us on


    Download et app


    Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service