The number of Indian technologists working in the UK is soaring. Indirectly, investment banks are among the companies employing them.
Nearly nineteen thousand Indian IT workers arrived in the UK last year, ten times higher than a decade ago. Vasu Telikicherla, at Indian-based Polaris Software, says at least 150 of them are working in City of London investment banks: "We have around 50 people working at UBS on investment banking and wealth management systems, and close to 100 people working at Citigroup."
Telikicherla declined to comment on how much the City-based Indian IT employees are paid. But a recruitment consultant who asked to remain anonymous, says it's usually half the amount paid to comparable full time employees and contractors: "They're typically paid around 50,000, when a UK contractor might earn more than 100,000. It's not slave labour, just an interesting development."
'Interesting development' or dubious escalation of the outsourcing trend? Let us know what you think.
We will add your comment below. Please tell us if you would like to remain anonymous.