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London may lose 15,000 financial services jobs to India: Study
By agencies
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Tuesday, 29 March 2005, 20:30 IST
LONDON: A large number of well-paid city jobs could be lost to India over the next five years, according to a new study.
The research by Troika, a financial services consultancy, says the displacement of between 10,000 and 15,000 financial services jobs by the end of the decade would add to the flood of low-skill call center and back office administration jobs that have already been shifted abroad.
Indian companies that have been gearing up to take on more highly, skilled, analytical work want to tap the $150 billion market for research and analysis.
A total of 100,000 jobs will be lost to low cost countries over the next five years, according to Troika.
Managing Director of Troika, Andrew Stewart 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.
Currently, Indian companies are providing research services to London based stockbrokers and management consultancies and providing background industry analysis for consultants.