As part of its phased expansion plan, the US bank Goldman Sachs has decided to step up its recruitment drive in Warsaw, the capital city of Poland, for its technology and operations units over the next three years.

Goldman Sachs will increase headcount by several hundred in Poland.

The technology and operations units of Goldman Sachs offer trading, banking, investment management and investment research, sales, etc, services to their clients. These units will also support the legal, compliance and human resources operations of Goldman Sachs.

According to Adib Sisani, a spokesperson at Goldman Sachs for Central and Eastern Europe, the expansion plan is a strategic decision for the organization.

"The firm will now expand its footprint in Warsaw in a strategic decision. The expansion will be realized in a phased approach over the next three years to an office size of several hundred employees," said the spokesperson.

In 2004, Poland became a member of European Union (EU) and the country has been witnessing a continuous economic growth for over two decades. Poland is the largest economy in Central and Eastern Europe region. 

Goldman Sachs set up its office in Warsaw in 2011 including a technology unit.  The latest move of Goldman Sachs came close on the heels of decisions by other giants in the global banking sector. The Swiss banking majors Credit Suisse and UBS are also in the process of expanding their business operations in Poland that offers the required talent pool and affordable business environment.

As part of its growth strategy, Goldman Sachs is also expanding its footprint in solar and wind power sectors. Along with SunEdison, the world's biggest renewable energy developer, Goldman Sachs is investing heavily in the energy sector.

Goldman Sachs hopes that the latest investment decision will enhance its portfolio in solar and wind projects. 

The expansion plan of Goldman Sachs spans over several regions and sectors. The expansion plan for Eastern Europe will be implemented for over three year time frame to support and strengthen Goldman Sachs operations in Poland. 

Commenting on the global economic situation in the context of ongoing turmoil in Europe particularly Greece and slowdown in Chinese economy,

Goldman Sachs holds the view that China has an impact on the European Union. Most of the stock exchanges in the EU are exposed to Chinese factor. 

For instance, Germany, Netherland, Switzerland, FTSE100 (UK), France, Sweden, Italy, Spain, Norway markets tumbled over nine percent tracking to panic situation triggered by Chinese economy slowdown and currency devaluation.

Poland economy is recording uninterrupted progress for a long time. Considering the situation in European Union, Goldman Sachs is weighing its options on Poland.

The US investment bank is upbeat on the future expansion plan in Poland as it offers cost effective business operations to take care of Eastern Europe region.