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A flat world: Cost-cutting in New York, but boom in India

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New York Times Posted: Aug 13, 2008 at 0127 hrs IST
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Wall Street banks started cautiously sending research jobs to India a few years ago, hiring employees by the handful and running pilot programs with firms like Copal, Office Tiger, Pipal Research and Tata Consultancy Services.

In 2003, JPMorgan and Morgan Stanley said they planned to move a few dozen research jobs to Mumbai, Lehman Brothers was working on a pilot program to create research presentations in India and both Merrill Lynch and Goldman Sachs said they had not moved any research to the country.

Five years later, the trickle is a flood. Third-party firms say they are seeing a 20 to 40 per cent upswing in business this year alone.

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