Goldman Sachs to shift UK jobs to India

REUTERS[ FRIDAY, JULY 25, 2003 10:11:38 AM ] ^

[Brian_Baldwin]

Goldman Sachs to shift UK jobs to India

REUTERS[ FRIDAY, JULY 25, 2003 10:11:38 AM ]

LONDON: US investment bank Goldman Sachs is to relocate a substantial part of its British operations to India next year to slash overheads, Britain's Independent newspaper reported on Friday.

The report said that the bank told London staff of the plan in a confidential memo on Wednesday.

Officials at Goldman in London and New York could not immediately be reached for comment.

The report said that the bank would move part of the administration and IT department to India next spring or summer.

Banks such as Goldman, JP Morgan Chase and Citigroup have been examining the benefits of shipping research jobs to countries such as India, where salaries for business graduates are as little as 10 per cent of those in New York and London.

Earlier this week, the Economic Times said that Morgan Stanley was joining a growing number of firms to choose India as an outsourcing centre to lower their costs.

[Brian_Baldwin]

Every single day, another one. It's called OFFSHORE OUTSOURCING. It works like this. You keep outsourcing offshore to Third World countries. And, before you know it, you're a Third World country - you have a few living in their house on top of the hill, and you are pulling a rickshaw. And, you won't do anything about it. Not now. Not until it's too late, and it will be you.

That is the cost of being lazy.

[Brian_Baldwin]

B.T.W. ... the biggest donors to the Democratic Party - came from Goldman Sachs folks. Just do a search on some of the threads, or find the archived news articles on the net.

[lelio]

But, but it just frees up people to do other things. You know, like clean the Goldman Sach manager's pool as he just got a fat bonus for offshoring everything he can.

[NYC Republican]

Isn't there abything that can be done to stop, or more realistically, slow down the process? Goldman will bring on Indian nationals to the NY offices to train for several weeks, then move them, along with those functions/responsibilities, along with the tax base, along with the jobs, to India...

Can't something at least be done on the visa front, i.e. - make it much more difficult to bring people over here for these couple-of-month assignments?

First it's going to be infrastructure (Operations, IT, Finance) then compliance and some of the trading, followed by who-knows-which other areas. This is DISGUSTING in my book.

[NYC Republican]

By the way, it's not just Europe, the GS US offices have all been notified, and they're impacted even more, with job migration starting later this to early next year.

[DPB101]

You keep outsourcing offshore to Third World countries. And, before you know it, you're a Third World country

Even worse. Third world countries do not have the NEA, AFT, AFSCME and NTEU. We have a huge, highly paid, politically awesome, very wealthy (their pension funds make Wall Street tremble) public secor which needs feeding in America.

Third world countries can be OK. You are poor but fairly free. What will happen in America is more on the line of the former Soviet Union--a nomenklatura allied with a criminal underclass which controls every aspect of life and squeezes every drop of blood out of everone else.

[Brian_Baldwin]

I have to agree with you - very well worded. Can I steal your word-smithing for future debate? I agree with your prediction.

[DPB101]

Be my guest! That is the beauty of the internet.

[lelio]

Identity theft isn't bad enough here, let's globalize that too.

There's so many attack vectors this introduces: the network guy in the US, the one in India, the overworked programmers in both countries. Think of how far a $100 bribe will go in India!
They also do some medical transcriptioning there too ... I can't wait to start reading people's medical histories on the internet.