JP Morgan to hire 4,500 graduates in India

The U.S. banking group said it hopes to hire 4,500 graduates in India over the next two years, mostly in Bangalore. J.P. Morgan already has about the same number of front-office and support staff in its retail, corporate and investment banking operations in Mumbai.

These hirings, will double its work force in India, would be an add-on to head count rather than a replacement of staff elsewhere.

With only 200 on staff in India just two years ago, in order to achieve their latest goal, J.P. Morgan will hire between 300-400 graduates a month in order to have 9,000 total positions in front and back-office positions by 2008, which includes complex derivatives settlements and structured finance transactions. The remaining approximately 4,000 – 4,500 employees J.P. Morgan employs will be divided between Bournemouth, England and New York, NY, although the ratio between both countries was not disclosed.

According to Veronique Weill, head of operations at J.P. Morgan’s investment banking division, “The quality of the people we hire is extraordinary and their level of loyalty to the company unbeatable,” when referring to the hiring of employees in India.

Well according to me this is a great opportunity for India as it is creating a lot of jobs and thus helping in overcoming unemployment, but we should be careful that these jobs don't go away from us because this sector in teh one which generates maximum revenue for us.