American investment bank Goldman Sachs has invested $250m to launch a new office in Bengaluru, India.
Covering an area of 1.2 millon sq.ft, the new hub has the capacity to house nearly 7,300 employees.
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The bank commenced business in Bengaluru in 2004. Since then, its headcount in the city has increased from 290 to 5,000.
In terms of headcount, Bengaluru is the third-largest office of the bank.
In the city, the bank also has the second-largest number of engineers.
The bank’s New York base serves as home to the highest number of engineers.
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By GlobalDataThe new hub will bring together its various employees working at different locations in the city.
Goldman Sachs chairman and CEO David Solomon said: “The Bengaluru office has grown in size and technological sophistication to become an incubator of talent for our businesses around the globe.
“The significant investment we have made to build this workplace reflects the importance placed on the high-quality work done in India and our focus on hiring the best talent.’’
Goldman Sachs was recently in the news for its takeover of wealth management firm United Capital Financial Partners. The deal consideration was $750m.
Notably in 2015, Goldman Sachs offloaded its onshore asset management business in India to Reliance Capital Asset Management.
