Goldman Sachs is planning to multiply its India engineering headcount in Bengaluru, as the multinational investment bank outlines to shape the country into 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%. Our hiring trajectory is more aligned with the (business) growth,” said Gunjan Samtani, Head of Goldman Sachs Services India.
Goldman has plunged $250 million to create 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 expand its Bengaluru innovation hub to 7,300-seater. It 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 utilized 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, and compliance,” he said.
There is no denial to the fact that Bengaluru has transformed into an innovation centre for multiple companies today. It is not only altering its resource base but also bringing transformation and innovation to businesses through automation and digitisation, and re-engineering its business processes.