Global financial services provider Goldman Sachs Group (GS) plans to hire more than 2,000 employees at its new office in Hyderabad, India, by 2023. The company offers investment management, securities and investment banking services.
Goldman announced the opening of the new office on July 19. The investment banker said, “In adherence to local government guidelines, Hyderabad operations commenced remotely in March 2021 and currently have about 250 employees… By the end of 2021, it is expected that the Hyderabad office will grow to 800 employees of which about 70% employees will be new hires. By 2023 the size of Hyderabad office could reach as many as 2,500 employees.”
The Chairman and CEO of Goldman Sachs, David M Solomon, said that the Hyderabad facility will serve as a crucial innovation hub for the company’s wide range of businesses as well as boost its reputation as a global firm.
Meanwhile, Goldman’s shares lost 2.8% and closed at $354.72 on Monday. (See Goldman stock chart on TipRanks)
Last week, RBC Capital analyst Gerard Cassidy maintained a Hold rating on the stock with a price target of $370 (4.3% upside potential). The analyst expects the company to report earnings per share (EPS) of $18.80 in the third quarter of 2021.
Overall, the stock has a Strong Buy consensus based on 11 Buys and 3 Holds. The average Goldman Sachs price target of $421.07 implies 18.7% upside potential. The company’s shares have gained 67.6% over the past year.
According to TipRanks’ Smart Score rating system, Goldman scores a 9 out of 10, suggesting that the stock is likely to outperform market averages.
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