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Wall Street Firms Send Work Offshore
By EmploymentCrossing.com
As our economy continues its downturn, many companies like Goldman Sachs, Morgan Stanly, JPMorgan, Credit Suisse, and Citibank are starting to send work to India because it’s cheaper.
It is reported that up to 40% of research-related jobs will be sent offshore in the hopes of saving $18 billion on employee benefits and pay.
These Wall Street companies have already started to utilize workers in India for middle office work. In the future, it is expected that these third-world workers will start to do more sophisticated tasks.
Ultimately, this means that there will be fewer jobs available for Americans. Celent estimates that by 2009 there will be 200,000 job cuts throughout the US because the work will be sent offshore.
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