London: Financial services powerhouse JP Morgan plans to hire 4,500 graduates in India over the next two years as part of its expansion plan of 30 per cent back office and support operations, the Financial Times reported.
The largest part of the bank's exchange operations will be placed in Mumbai and Bangalore, the paper said.
The bank, which has only had about 200 employees in India over the past two years, is now recruiting between 300 and 400 Indian graduates per month, the paper reported, taking advantage of India's high education levels and relatively low wages.
The bank hopes to have 9,000 graduates in India by the end of 2007.
About 3,000 will work for the investment bank, and the rest will support the group's retail and commercial banking operations, including 2,000 call centre workers, the paper said.
The bank will process most of its foreign exchange trades in the Indian cities of Mumbai and Bangalore. It will also transfer much of the processing of credit derivatives contracts, the report said.
India has attracted foreign companies with its low costs, educated workforce and improved telecommunications links.