JP Morgan to expand its Indian operations
J.P. Morgan Chase & Co. has announced that they are planning to place a bulk of their investment banking back office and support staff offshore by the end of 2007 and India is going to be one of their targeted markets for this outsourcing. The firm is going to double its headcount in India.
The US based banking and finance group is aiming to hire as many as 4,500 graduates in India over the next two years with most of these hiring planned for the IT city of Bangalore. They currently employ a similar number of workers in their current operations based in India. This new hiring would be an add-on to head count and they will not be cutting any jobs at other locations where they run their operations.
JP Morgan is going to hire around 300-400 graduates a month and plans to have on its payroll around 9000 workers by the end of 2007. A bulk of these new workers would be working for the investment bank. Others will support the group’s retail and commercial banking operations. This also includes around 2000 hiring for their call center division.
India has been a lucrative outsourcing destination for most IT and banking companies of America and Europe with its low costs, educated work force, and good telecommunications links.