JP Morgan Plans on Massive Outsourcing

As the BPO boom in India continues, there is further reason to rejoice. Global banking firm JP Morgan Chase is planning to hire around 4,500 graduates in India over next two years. The banking firm plans on outsourcing 30 per cent of its back office and support staff at the investment bank division to India by 2007.

This outsourcing move will prove highly beneficial not only to young graduates but also to several BPO firms. JP Morgan Chase has chosen India as its outsourcing destination owing to the low cost of highly educated and English speaking staff.

The company's main base will be in Mumbai and Bangalore. The Bank is currently hiring between 300 to 400 graduates a month. A part of the staff will be working for the investment bank while the others will be supporting the company's retail and commercial banking operations, which will include call center workers.