One of the global giants in financial services, Charles Schwab, has chosen Hyderabad as the prospective location location for its first Technology Development Centre in India.
Telangana Chief Minister Revanth Reddy, IT Minister Sridhar Babu and a few other officials held discussions with Charles Schwab the other day in Dallas.
Sharing the news, Sridhar Babu tweeted, “Very Happy to announce that Charles Schwab, a leading player in Financial Services at the Global level has chosen Hyderabad as the prospective location for its first Technology Development Centre in India.”
Sridhar Babu stated that the government assured its full support to Charles Schwab in accessing technical talent to rapidly ramp up.
“Charles Schwab is currently awaiting final approvals announcing detailed insights into their upcoming centre and to delegate a team to India for officially establishing the Schwab technology centre in India,” he added.
Last year, former Minister KT Rama Rao held a meeting with Charles Schwab officials and invited them to set up their development centre in Hyderabad. The current government took forward the discussions and is sealing the deal.
This is a huge development because Charles Schwab is the second-largest brokerage firm in the world with around 33,000 employees. It generates an annual revenue of around $18 billion.
As Hyderabad is going to be its first location in India, Charles Schwab is expected to build a huge Global Capability Centre (GCC), generating employment for thousands of people.
Until now, Hyderabad has GCCs of various Banking, Finance Services and Insurance (BFSI) companies like Wells Fargo, Synchrony, DE Shaw, Goldman Sachs and JP Morgan. Now, Charles Schwab is set to become the first big pure stock brokerage firm to have a GCC in the city.
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