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To: Fudd who wrote (17939)	2/4/2004 8:17:28 PM
From: paret	Respond to of 48461

Goldman Sachs to set up BPO in Bangalore [INDIA] Reuters ^ \| February 4, 2004 BANGALORE: US investment bank Goldman Sachs is setting up a back-office support centre in Bangalore, where it expects to employ about 250 people by the end of this year, a company spokesman said on Wednesday. Though the centre focuses on support, some jobs involve advanced skills in investment, accounting and analysis. The move comes after investment banks such as J.P. Morgan Chase & Co. and Morgan Stanley have set up offshore equity research units in the country, where salaries for business school graduates can be as low as 10 per cent of those in New York and London. "The Bangalore centre is mainly for accounting and technology support and is part of our expansion of functions globally," Edward Naylor, Goldman Sachs spokesman in Hong Kong, told Reuters. After cornering about 50 to 60 per cent of the estimated $20 billion offshore information technology services market, analysts say India is now poised to emerge as a hub for securities research, project management and underwriting. In full-page newspaper advertisements on Wednesday, Goldman said it was looking to hire analysts and researchers in asset management, accounting, equity and treasury operations, investment banking and corporate services. Advertising for more than 75 positions, Goldman said it had a wide range of jobs in India across multiple businesses. JP Morgan Chase started a Wall Street trend in April 2003, when it announced plans to hire about 40 junior analysts and support staff for an offshore equities research unit in Bombay. Industry sources say JP Morgan Chase, which also has a large commercial banking back-office unit in Mumbai, is estimated to presently employ more than 1,000 people.