A report in today's Financial Times suggests JP Morgan Chase is planning to offshore 3,000 jobs to India by 2007. That could just be the start.
The move, which will represent 30% of the investment bank's back-office and support staff, doesn't augur well for the 4,300 people currently employed by JP Morgan in Bournemouth, who are engaged in - you guessed it - back-office and support roles.
Vanessa Coleman, managing director of IT and back-office search firm Coleman Parker, warns there could be plenty more such revelations concerning other banks. "I know of two or three senior HR directors who've made investigative trips to India in the last quarter," she says.
Chris Gentle, an offshoring expert and director at consultancy Deloitte Research, says it's part of an ongoing trend: "As long as pressure remains to improve efficiency there will be movement from nearshore to offshore centres." Spokespeople at JPMorgan in London and Bournemouth were unable to comment immediately on the issue.
What do you think? Is it time for Bournemouth-based bank employees to dust off their CVs? Let us know what you think.
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