NewsJP Morgan to expand its offshore operations in India
12/05/05 - newratings.com
NEW YORK, December 5 (newratings.com) – Leading investment bank JP Morgan Chase (JPM) intends to hire 4,500 graduates in India over the next couple of years in its effort to shift 30% of the back office and support staff of its investment banking segment offshore by end-2007, The Financial Times said on Monday.
The company would shift the majority of its foreign exchange trades in addition to a substantial part of its credit derivatives contract processing to Bangalore and Mumbai, tapping on the highly educated staff available in India at low costs, according to The Financial Times. JP Morgan Chase is currently recruiting 300-400 Indian graduates per month, with an aim of increasing its workforce in the Asian nation to 9,000 by the end of 2007, the newspaper report said. Forbes quoted consultant AT Kearney as saying that US and UK-based investment banks are likely to expand their workforce in India from the current 5% of their total employees to 20% in the forthcoming years.