Goldman Sachs is expanding its technology presence in the Seattle region, opening a new Bellevue engineering center that will accommodate more than 125 employees focused on artificial intelligence and cloud transformation.

The New York-based financial giant held a ribbon-cutting ceremony this month for the new office, its first dedicated space for engineers in the Pacific Northwest.

The Bellevue location adds to Goldman Sachs’ existing presence in downtown Seattle, where the company has maintained an office since 2001 for its banking and wealth management divisions.

“We are in a period of rapid technological change, but we know our people are still this firm’s greatest asset,” Goldman Sachs Chairman and CEO David Solomon said in a statement. “Hiring exceptional talent is central to how we adapt and grow.”

The move also puts Goldman Sachs in the company of a growing list of financial and technology companies that have established engineering operations in the Seattle area. GeekWire maintains a list of nearly 150 engineering hubs in the Seattle region here.

JPMorgan Chase established its Seattle Tech Center in 2018 and has steadily expanded it. The engineering hub has grown to about 400 employees and is now anchoring a new AI infrastructure team focused on controlling how the bank runs AI across its own data centers and outside cloud providers.

Goldman Sachs said its new Bellevue location comes amid growth at other facilities in Dallas, Salt Lake City and Warsaw. Earlier this month, the company hired Dinesh Keswani — a former Microsoft and GoDaddy engineering leader — to co-lead its core engineering team alongside Gopi Parameswaran. Keswani will also serve as chief technology officer of The Core Engineering.