The board of Goldman Sachs will finally convene in India this week after more than a decade. David Solomon, the CEO of the investment bank, will be in charge of the trip to Delhi and Bengaluru. Under his predecessor Lloyd Blankfein, the board first convened in India in Mumbai in 2012. The expansion of the company’s Hyderabad facility is one of the discussion points on the board’s agenda. When the media asked the company about the meeting, Shivaprasanna Hebbar, Goldman Sachs spokesperson in India, said, “As a reflection of increased opportunities, our board is meeting in India. We decline to comment on any market speculation about their agenda. ”
Lakshmi N Mittal, the executive chairman of ArcelorMittal, is a member of the board. However, it's unclear whether Mittal will be a member of the visiting team. The technological capability of the bank's Bengaluru and Hyderabad centres will be demonstrated by Solomon to his board members. The centres collaborate closely with international teams.
Goldman Sachs Services in India, the bank’s second largest office after New York, employs around 9,000 employees. The India centres have morphed into deep financial technology hubs, underpinned by core engineering development. They are key to two of the bank’s growth engines - consumer and transaction banking. In the latter, Goldman Sachs is helping its clients build a treasury of the future that is API-enabled and is powered by analytics.