Subject:
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Globalism: a good idea until...
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Sat, 3 May 2003 19:22:01 GMT
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Viewed:
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188 times
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"Wall Street to ship research jobs to India"
http://www.rediff.com/cms/print.jsp?docpath=/money/2003/may/02jobs.htm
Wall Street research analysts have suffered rounds of layoffs, big pay cuts,
and accusations that they routinely lied to the investing public. Now
there's a new worry -- that their jobs are being shipped overseas.
Investment banks like Morgan Stanley, Goldman Sachs Group and Citigroup Inc.
are mulling the benefits of shipping research jobs to countries like India,
where salaries for business graduates are as little as 10 per cent of those
in New York and London, according to financial consultants and Wall Street
sources.
Morgan Stanley plans to experiment by hiring stock analysts in India to
support its US and European analysts, while Deutsche Bank AG has contracted
Irevna Limited, a London- based consultancy that specializes in outsourcing
research to India, according to sources familiar with the situation.
Last week, JP Morgan Chase & Co said it will hire 40 junior stock analysts
and other research staffers in its Mumbai office this year as a way to
expand research in a weak market.
"Every bank on Wall Street will eventually use the cost benefits offshore to
maintain their research businesses," said one executive at a major
investment bank.
<snip>
US banks, brokerages, mutual companies and other financial services
companies are planning to relocate 500,000 jobs offshore, or 8 per cent of
their work force, over the next five years.
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Just remember all the things you had to pay for yourself that "they" told
you would give you "skills in demand." Worthless paper now -- except that
you still have the school debts to pay down unless mummy and daddy paid your
way (or if you were lucky enough to get huge scholarships like myself).
-- Hop-Frog
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