Duplex Report post Posted March 28, 2006 (edited) Goodness gracious me, not only can the Indians make socks and T shirts at a 1/3 of the cost of their American and European counterparts they have somehow learned to perform ‘complex’ investment research and have millions of highly qualified graduates who are willing to do these jobs for less money than their western counterparts. Why do greedy Westerner workers insist on being paid so much, compared to their colleagues in the emerging economies? You can hardly blame the bosses of these businesses, who are being bled dry by their avaricious employees, for off-shoring, can you? So having rid ourselves of all those tiresome manufacturing, administration and call centre jobs; it seems that the ‘knowledge based economy’ will be following. But think of the leisure time. LONDON: Deutsche Bank, one of the leading international financial service providers, plans to move almost half of its back-office jobs to India by the end of next year, according to a media report. Deutsche Bank's intends to triple its global markets staff offshore to nearly 2,000. The bank is also looking to increase offshore research staff from 350 to 500, more than half the present global total of 900, it said. The move comes as other big investment banks are also rushing to take advantage of the low cost of highly educated staff in India. JPMorgan Chase hopes to hire 4,500 graduates in India in the next two years with the aim of transferring 30 per cent of back-office jobs at its investment bank offshore by the end of next year. These moves highlight the shift in the use of offshore facilities from traditional areas such as information technology support and call centers to more high-value tasks. Other investment banks expanding offshore include UBS, which next month will open its first centre in Hyderabad with an initial capacity for 500 jobs. Lehman Brothers expects to double its numbers in India to 1,000 this year and Credit Suisse is also considering offshore expansion. Off shore Edited March 28, 2006 by Duplex Quote Share this post Link to post Share on other sites
MarkG Report post Posted March 28, 2006 But... but... but... they told us we could build an economy on moving money around, because we're so much better at it than the rest of the world! Still, look on the bright side: the more they cut costs by outsourcing, the bigger the bonuses will be for the few people left in the City. So between them they'll be able to buy the whole of London in a few years, and house prices will never fall again. Quote Share this post Link to post Share on other sites
