Goldman's Biggest Office Beyond New York Is In Bengaluru. What It Means
NDTV
These are the offices of Goldman Sachs Group Inc., home to about 8,000 workers, the bank's largest venue outside New York.
On the eastern side of Bengaluru, the city sometimes called the Silicon Valley of India, sits a campus housing three cube-like glass buildings. Each is 10 stories high, with facades glistening in the strong South Asian sun.
These are the offices of Goldman Sachs Group Inc., home to about 8,000 workers, the bank's largest venue outside New York. When Goldman set up in the city in 2004, it had roughly 300 people mainly providing IT and other support. Now, its workers are quants and software engineers, building systems for everything from making trades to managing risk.
Across India, the offices set up by multinationals to provide cheap operational support are taking on more sophisticated roles. While the shift has been underway for years, recent economic data highlight a rapid service-sector expansion that many attribute to the offices known as global capability centres.
These GCCs now account for more than 1% of India's gross domestic product. But the boom also creates challenges, both for the companies and the cities that host them. Finding qualified employees is becoming more difficult, pushing salaries up, while offshoring may become politically sensitive again in the US presidential race.
