Exodus of 15,0000 London Jobs To India by 2010
London's financial district will lose about 15,000 financial services jobs to India by 2010. According to research by Troika, more jobs will move to low-cost countries because companies now outsource complex jobs in addition to low skill jobs. Troika said that a total of 100,000 jobs would be outsourced to low-cost countries by the end of the decade.
In recent years, the Indian outsourcing sector is shifting towards the more profitable and highly analytical research and analysis market. The country's outsourcing firms are preparing to offer actuarial services and financial modeling to foreign companies.
Andrew Stewart, Troika managing director, said, "There is a growing shift to look at off-shoring more complex and high-paid roles – finance, research, human resources, marketing, actuarial and underwriting."
At present, Indian firms already provide research services to London-based stockbrokers and management consultancies. They feed into work completed by equity research and economic research teams, and give background industry analysis for consultants.
The Corporation of London said that outsourcing jobs does not pose a threat to London's financial district. Moreover, the International Financial Services said that financial services outsourcing would be worth �77 billion in 2005, or �38 billion in cost-savings of those services in the UK.
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Comment by rjovavqf@nwvnnarl.com on January 4, 2007 1:32 am
The past few years have seen Indian firms getting prepared to offer more profitable, highly skilled, analytical work, including actuarial services and financial modelling. Their aim is to tap into the £80billion market for research and analysis.
Comment by Yasmin birth control on May 29, 2007 6:41 am
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Comment by Shweta on July 30, 2007 11:28 am
London have lot of job. These job are very goods. London is developing country.
Comment by daral on November 25, 2008 7:17 am
The past few years have seen Indian firms getting prepared to offer more profitable, highly skilled, analytical work, including actuarial services and financial modelling.
Comment by club penguin on May 19, 2009 2:09 am
Nice thought.
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Comment by Carrol spncr on August 2, 2009 8:38 pm
As an employer one must be able to take on Government’s role to give working people a life (good salary, health benefits, vacations etc.). If you can’t and won’t give people a life they deserve, you should not be employing anyone. Corporations and large companies or any employers must remember – GIVE YOUR EMPLOYEES A LIFE.
I am a business as well and I give my people a life they can’t complain about. That makes me so much happy than looking for a longer buck by outsourcing and making both your ex-employees and your customers unhappy.
Comment by John on September 13, 2009 3:18 pm