The ongoing restructuring of the global banking industry is likely to lead to a huge shift of jobs to India. British bank Barclays Plc. said on Monday, when it announced its $91 billion takeover of Dutch rival ABN Amro, that it will cut jobs in Europe and move these jobs to low-cost locations such as India. An estimated 10,000 jobs could be offshored. Earlier in April, Citigroup too said that it would slash 17,000 jobs in the US. Once again, the bank is expected to move around 10,000 jobs to India.
While a lot has been said and written about offshoring of technology services, little attention has been paid to what is possible in banking and financial services. These two major bursts of chop-and-change restructuring alone could create 20,000 new jobs here. While top-notch financial jobs will continue to remain in places like New York, London and Singapore, such offshoring could be a first step towards a bigger Indian role in the global money game.