JP Morgan will hire 4,500 Indian graduates
Financial service giant JPMorgan Chase is planning to hire 4,500 graduates in India over the next two years with the aim of moving 30 per cent of its back office and support staff at its investment bank offshore by the end of 2007.
It was reported by the London based paper, The Financial Times. The paper said that the plan is the most ambitious move by an international investment bank to take advantage of the low cost of highly educated staff in India. It further said the largest part of the bank's exchange operations will be placed in Mumbai and Bangalore. Low costs, an educated workforce and improved telecommunications links have made India a preferred outsourcing hub. The paper also reported that the bank, which has only had about 200 employees in India over the past two years, is now recruiting between 300 and 400 Indian graduates per month. Overall the bank hopes to have 9,000 employees in India by the end of 2007.