Gunjan Samtani, the co-chairman of Goldman Sachs in India and the head of its India global center, will retire at the end of the year, he said in a post on LinkedIn.
The bank named Ken Castelino and Balaji Sivasubramanian as co-heads to replace Samtani, overseeing the India tech and operations centre in addition to their existing responsibilities, according to the bank's memo seen by Reuters.
Castelino is Goldman's head of global banking and markets–public in India and co-head of global equities electronic trading strats and engineering. Sivasubramanian is the head of engineering in India and global head of enterprise partnerships engineering within platform solutions.
Goldman Sachs, which first set up its office in Bengaluru in 2004, currently has over 8,000 employees across two southern Indian cities and covers several technical and banking functions.
Global capability centers in India have moved beyond low-cost back-office support to higher-value functions, including finance, software development, and R&D.
Samtani, who spent 16 years at the company, has also previously been its chief operating officer of engineering and its global co-head of risk engineering.
"As co-heads, Ken and Balaji will oversee all of our activities in Bengaluru and Hyderabad, partnering with both global and local leaders – including the Bengaluru and Hyderabad Executive Council – to advance our priorities," the memo said.
"They will continue to work closely with Gunjan over the coming months to effect a smooth transition," it added.
