{"id":137298,"date":"2025-11-13T09:19:07","date_gmt":"2025-11-13T09:19:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/137298\/"},"modified":"2025-11-13T09:19:07","modified_gmt":"2025-11-13T09:19:07","slug":"goldman-sachs-and-morgan-stanley-bankers-on-h1b-visas-are-being-outsourced","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/137298\/","title":{"rendered":"Goldman Sachs and Morgan Stanley bankers on H1B visas are being outsourced"},"content":{"rendered":"

They say that \u201ca principle isn\u2019t a principle until it\u2019s cost you money\u201d.\u00a0 And contrariwise, when top executives discover that the price of H-1B visas is going up<\/a>, they seem to suddenly discover that teamwork, mentorship and serendipity<\/a> aren\u2019t quite as important as they previously believed them to be.\u00a0 Which means that a job which previously required everyone to be in the office together five days a week<\/a> can now be done remotely from Bengaluru.<\/p>\n

Indian GCCs (Global Capacity Centers) aren’t home to the stereotypically low-paying back office roles; those are being outsourced to the Philippines. Bloomberg reports that the top six US banks have a collective 150,000 employees, including quants, engineers and investment staff, in their Indian GCCs. Goldman Sachs and Morgan Stanley reportedly have more employees in India than any other office outside the US. Their numbers are likely to grow; JPMorgan, for example, wants to shift half of its junior investment bankers<\/a> to lower-cost locations like India and Argentina.<\/p>\n

Keeping Indian staff in India rather than bringing them over on H-1B visas<\/a> is obviously a slightly difficult and risky move on the part of the employers.\u00a0 The system is meant to be for jobs that require unique global talent to come to the USA.\u00a0 So if you start outsourcing some of them because it\u2019s less expensive to do so, it might undermine your other H-1B sponsorships, <\/a>for jobs where you really do need to bring overseas bankers into the office.\u00a0 A White House spokesperson has said that \u201cThe fact that these banks are moving their operations to markets where labor is cheaper now that they cannot abuse the H-1B system<\/a> is evidence that they were using foreign workers to undercut Americans\u2019 wage\u201d, and although this isn\u2019t really right, it is kind of embarrassing.<\/p>\n

But the fact that this is now a viable choice underlines the extent to which Indian bankers are now viable alternatives for jobs all the way up the ranks, from junior techies to Heads of Investment Banking.\u00a0 Whatever the tariff situation, the competition for your next job might be sitting in Bengaluru.<\/p>\n

Elsewhere, it is getting near the end of the year, the time at which compensation committees meet and try to decide who\u2019s getting how much.\u00a0 The 2025 negotiations will be particularly difficult to negotiate, as there are plenty of business lines which have had good results and many which have a great outlook, but not necessarily a huge overlap between the two.<\/p>\n

It\u2019s likely to be a period during which maintaining one\u2019s dignity is not necessarily the highest priority, and when you can expect every possible card to be paid.\u00a0But some bankers will be listening to their Swiss colleagues, who are apparently asking to be paid more<\/a> to reflect the fact that dollar bonuses don\u2019t go quite as far when converted into francs, and saying \u2026 really?<\/p>\n

They might be considered to have a little bit of a point.\u00a0 Most of the time, non-US employees of US banks are expected to put up with the fact that the compensation is determined in dollars, exposing them to FX volatility.\u00a0 Some years you win and some you lose, and it all evens out in the end.\u00a0 But it\u2019s been a long time since anything appreciated against the Swiss franc, and they\u2019ve lost 13% in the last twelve months, before taking into account the rising cost of living in the Alps.<\/p>\n

But really.\u00a0 It\u2019s never edifying to see bankers pleading poverty, and when it\u2019s Swiss bankers doing so, it becomes actively hilarious.\u00a0The ironic thing is that the Zurich and Geneva offices of many global banks actually have a pretty good claim to be paid up.\u00a0 There have been plenty of M&A deals, financial sponsors have been at least as active as anywhere else, and the whole reason that the currency has appreciated reflects strong business in rates and bond trading.\u00a0 So it might be counterproductive to start talking about the currency \u2013 weak reasons for wanting to be paid often undermine strong ones rather than supporting them.<\/p>\n

Meanwhile\u2026<\/p>\n

What promises to be a somewhat awkward evening at the White House, as David Solomon and Jamie Dimon join Larry Fink and Bill Ackman for dinner and light conversation with the President.\u00a0 Jane Fraser had a prior engagement in Asia and Brian Moynihan has not been invited for reasons that aren\u2019t quite clear.\u00a0 Let\u2019s hope nobody makes an ill-advised joke about compliance problems with historic emails.\u00a0 (FT<\/a>)<\/p>\n

Compliance professionals have always operated in a global market, but increasingly, so do the regulators they work with.\u00a0 The Financial Conduct Authority has recruited senior financial cops from Canada and the USA, as some of its own top staff have gone to tick boxes in Hong Kong and Dubai. (Financial News<\/a>)<\/p>\n

Cringe or cool?\u00a0 Some bankers think that it\u2019s kind of basic to carry your gym kit or evening outfit around in the holdall they gave you on the graduate program; others argue that they\u2019re actually pretty good bags and they don\u2019t crease your clothes.\u00a0 Obviously, the answer is to get one with the logo of a defunct bank like Lehman Brothers or Credit Suisse, to indicate that you\u2019ve been around a while. (Business Insider<\/a>)<\/p>\n

With AI emerging as the hottest hiring sector of them all, and the troubles at Man Group as it tries to compete for talent with the big multistrats, something like this was always likely to happen.\u00a0 Tim Mace, Man\u2019s head of data and machine learning, has gone to Brevan Howard. (Financial News<\/a>)<\/p>\n

Quadrature Capital seems to offer its employees a pretty sweet set of perks, including \u201c15 nights of a night nanny\u201d.\u00a0 And apparently its founder is a trustee of the British Ice Hockey Foundation. (Times<\/a>)<\/p>\n

It almost feels like cheating to skip all the anguish, drama and politics by simply moving to another law firm and becoming a \u201cday one partner\u201d rather than going through the selection mill.\u00a0 But increasing numbers of well-regarded senior associates are doing it, and then enjoying the anguish, drama and politics of trying to get business from their old clients. (Financial News<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"They say that \u201ca principle isn\u2019t a principle until it\u2019s cost you money\u201d.\u00a0 And contrariwise, when top executives…\n","protected":false},"author":2,"featured_media":137299,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-137298","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/137298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=137298"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/137298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/137299"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=137298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=137298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=137298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}