Goldman Sachs to launch technology center in Poland

Paul Chen

For several months, there was heavy recruitment for specialists for more than 20 tech specialists in the job ads.  As a result of strategic decisions, the bank decided to enlarge the scale of its operations in Warsaw - said Sisani Adib, a spokesman for Goldman Sachs region of Central and Eastern Europe. - 

These offices that will ultimately employ several hundred workers which will be implemented in stages over three years. Most employees will be in the department of technology and operations - added Sisani.

According to our information, that Goldman wants to hire at least 200 people, but probably not more than 500.

The current head of Goldman's offices in Warsaw Artur Tomala will continue to lead the existing team of investment bankers. The enlarged department of technology and operations and will have a new boss.

The bank's technology department develops its systems, including those supporting key areas of its business, eg. automated market trading and risk management. Department of operations in its turn provides support for Goldman's services in banking, brokering, trading and asset management.

Financial Services in Poland

By expanding its Warsaw office, Goldman Sachs is following in the footsteps of many other financial institutions, who launched its service centers in Poland.

In 2007, State Street opened an office in Krakow for accounting services for investment funds. At the moment they employ over 2 thousand. people. At the end of July, they announced that next year they will open another office in Gdansk. They will likely employ a thousand finance specialists there.

BPOs in the financial sector are becoming increasingly important in the Polish business services industry. ABSL estimates that the banking services, insurance and investment is already 13 percent of the workforce. 

The whole industry is already employing 150 thousand. people. This means that over the past several months, investors have created another 22 thousand high-quality jobs. Since the beginning of 2014, as many as 60 new centers have been established in the country.

The service sector has become the largest employer for young and educated residents of large cities. According to ABSL, centers with foreign capital employ over 33 thousand people in Krakow, over 21 thous. in Wrocław,  and more than 12 thousand employees in Gdansk and Lodz. Cities receive not only jobs, but also the tax revenues and the influx of expertise.

Business services industry also stimulates the development of academic centers and provide contracts for local vendors.

Among 150 thousand. workers in Poland, the largest group consists of IT professionals. These types of services are provided by one in three people employed on the market. In second place are accountants and financial specialists, who constitute 22 percent.  Nine out of ten centers supports clients from Western Europe and 45 percent from North America.

Employees of service centers located in Poland are employed by Fortune 500's largest corporations. Among them are Shell, Samsung, GE, HP, Citigroup, P & G, Sony, Google, Intel and Cisco. Among the investors who from the beginning of 2014, decided to open their centers in Poland are General Motors, FedEx, Mars,Toyota, and UPS.

The main reasons for the growing interest in developing business service centers in Poland are: relatively low cost, qualified staff, including managers middle and senior managers, as well as logistically convenient location. Prospects for the development of this industry are also positive. As a country, we are building a sustainable competitive advantage and specialization in this area, which should encourage more investors to consider Poland as a business location.

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The information from this post is from a translation based on an article found on rp.pl.