(6 December 2005 – India) One third of all JPMorgan Chase investment banking back office staff will be located offshore by the end of 2007.The bank said most of the offshore staff will be located in India with 4,500 new graduates set to be recruited over the next two years, doubling the number of Indian staff.
JPMorgan said the new recruits in India, which it is currently employing staff at the rate of 300 to 400 a month, did not mean the bank would be cutting operations staff in the US or UK.
Some 3,000 of the new recruits will work in the investment banking side of the business with the rest working in retail and commercial banking.
JPMorgan will have 2,000 call centre staff located in India, most of whom will be in Bangalore.
The bank plans to process most of its foreign exchange business in India and Mumbai by the end of 2007.