JP Morgan and the Vanishing Back Office
As JP Morgan Chase plans to hire 4,500 graduates in India over the next two years, and offshore 3,000 back-office and support jobs to the subcontinent, could it be time to dust off the old JPMC resume?
The move represents 30% of the investment bank's back office and support staff and will focus on derivatives settlements. A spokesman for the bank tried to stem concerns about job losses, saying the new roles will be in addition to, not instead of, existing back office staff. He said graduate recruitment in the U.S. and U.K. would also continue as planned.
But Chris Gentle, an offshoring expert at Big Four accountancy firm Deloitte, says it just confirms an ongoing trend: "As long as pressure remains to improve efficiency there will be movement from near-shore to offshore centers."
What do you think? Is it time for Delaware-based bank employees to worry? Will other banks follow the leader?Let us know what you think.
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