Outsourcing to India
Saturday, July 3rd, 2004
Read the article in this week’s New Yorker (flags on the cover) about outsourcing Wall Street jobs to India. Astonishing, tectonic stuff portrayed up close and personal. Shame it is not online.
“Almost tweny percent of the jobs on Wall STreet have disappeared in the last three years. Office Tiger [the firm profiled] recently doubled its staff, to sixteen hundred and fifty workers, and will nearly double in size again by year’s end, on the strength of ‘judgement-dependent services’: equity analysts, legal research, and acccounting jobs that pay an annual salary of up to a hundred thousands dollars in the US and between ten and twenty percent of that in Chennai.”
“Salomon Brother in its heyday received five hundred job applications a month. Offic Tiger sometimes receives fifteen hundred applicants a dady, many of them accompanied by parents who pray as their sons and daughters take one test after another…”
The region’s “per capita incomes equates to thirty-six U.S. dollars a month.”