Goldman Sachs to invest $30m in Indian offshore facility

Finextra.com
US investment bank Goldman Sachs plans to outsource more middle and front office functions to India as part of a $30m investment in building up its offshore services facilities. David Simons, head of the Bangalore centre, told Reuters reporters that the bank plans to to increase the number of staff employed at the unit to 800 by the end of the year. He expects headcount at the unit to reach 1000 "very quickly", although future expansion would depend on business growth. The Bangalore centre, which was established last year, is able to house up to 1500 staff. The bank says the centre is not a back office processing unit but is focused on the front and middle office and employs a wide range of workers including accountants, equity researchers, treasury staff and IT professionals. more...