If you work in a back office function for Goldman Sachs, you probably have reason to feel a bit sweaty. Various sources are reporting today that the bank appears to be making provisions to expand its already substantial Indian back office operations. It’s signed a deal for 1.6m square feet of office space, the size of nine football fields.
The Times of India reports that Goldman already employs 4,000 people in India, engaged in various back office and technical functions, but that the size of the new building would allow it to accommodate 10,000 people.
Almost all Goldman’s EMEA technology and operations staff appear to be based in London. This makes it an anomaly compared to other international banks: JPMorgan has Bournemouth and Glasgow, Morgan Stanley has Glasgow, Bank of America is expanding in Chester, Deutsche has Birmingham, and Credit Suisse and and UBS are building back office functions in Poland. In the US, Goldman has been moving operations roles out of New Jersey and into Salt Lake City.
For those of a neurotic mind, the big new Indian office could be taken as an indication that Goldman’s making provision for moving more work away from London and into Bangalore. Given salaries in Bangalore don’t seem to go much higher than £15k, even for very experienced staff, it’s easy to see why this might make sense.
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