Swiss banking and financial services firm UBS announced on Wednesday that it has launched a new Global Capability Centre (GCC) in Hyderabad. According to the company's statement, approximately 3,000 professionals will be hired for this new centre over the next two years. Citing the company's CEO, Reuters claims that most positions will be filled through natural attrition or early retirement. The bank aims to reduce social impact through this approach.
UBS had announced this expansion plan last year. In January 2025, the company's CEO announced that 1,800 new positions would be created to double the local workforce within two years. This announcement was made after a meeting with Telangana's IT and Industries Minister D Sridhar Babu. The meeting took place at a TEPA investment event organised at Zurich Innovation Park. The event was organised by the Confederation of Switzerland and Swiss Innovation.
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Egar said, "We are delighted to strengthen our presence in Telangana further. We want to leverage the strength here to accelerate growth and contribute to the region's changing economic environment." The company claims that this state-of-the-art new centre will further strengthen Hyderabad as an international hub for high-value financial technology, operations and GCC leadership.
At the inauguration ceremony, Telangana's IT Minister D Sridhar Babu said that Hyderabad has now become a preferred destination for the world's top financial institutions. He said that UBS's expansion in the city reflects international confidence in Hyderabad's talent and innovation.
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Currently, UBS operates in Pune, Navi Mumbai and Hyderabad. A Bloomberg report states that several international financial institutions, like JPMorgan Chase and Citi, are now expanding their presence in India. They are not limiting themselves to just back-office work. They are also focusing on areas like technology development, risk management, product development, data analytics and artificial intelligence.
