A passage to India

When investment banks started off-shoring a few years ago, the idea was to contain existing costs. But that’s no longer the main driver. Some banks are now off-shoring to try and manage the mounting settlements backlog in derivatives markets. Take JP Morgan. It is doubling its India-based workforce by creating 4,500 new jobs, mainly in complex derivatives and structured finance. These may be back-office roles. But many will be higher up the food chain than the firm’s existing back-office workfor...