JP Morgan to expand its Indian operations
December 6th, 2005 Leave a comment Visited 103 times, 4 so far today
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.
Bangalore, Business News, commercial banking, India, J.P. Morgan Chase & Co., JP Morgan, News, outsourcing
Somanshu
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December 6th, 2005 at 4:28 am
Well, if JP Morgan Chase chooses to outsource jobs to India, then perhaps it’s time for American citizens to withdraw assets from Chase and re-invest in banks that employee Americans.
December 9th, 2005 at 6:54 am
Cannot post my name I work in Back Office Systems for JPM. Its hard to go to work with a smile when your replacements are being trained in India. The sad thing is much revenue for Back Office comes from federal and state tax dollars for foodstamp programs, and such, which should be spent here in the US. I think if they decide to move the jobs overeas then investors should pull their assets into banks that employ American, and we should put pressure on our state and federal politicians to pull contracts from companies if they do not spend our tax dollars in the US. Do you want your tax dollars to end up in India? (We are talking 100’s of millions) — Just my two cents.
December 16th, 2005 at 6:35 pm
Withdrawing money from JPMorgan and investing the money in an American bank is a good idea, but who will find out if bank “X” has no plans to outsource or bank “x” is full of patriotic Americans. Nowadays it is impossible to locate a bank in America which is puerely American.
December 25th, 2005 at 7:49 pm
i m keen interested to join J.P. morgan co. so pls. guide me what should i do for that.
January 23rd, 2006 at 3:49 am
why everybody hush over outsourcing ,
why dont u guys think its require more people with good knowledge which u guys dont have & will wont in near future accept the fact that outsourcing is not only for less pay its quality of workforce its not part time job its a career
proud to be BPO
January 24th, 2008 at 11:44 pm
m keen interested to join J.P. morgan co. so pls. guide me what should i do for that.