Watch out Wall Streeters: Your jobs are moving to Mumbai

[applegrove]

Watch out Wall Streeters: Your jobs are moving to Mumbai

by Matt Turner at Business Insider

http://www.businessinsider.com/morgan-stanley-is-moving-jobs-overseas-2016-9

"SNIP..............



Morgan Stanley is moving jobs overseas.

The US bank set out a plan to cut costs back in January, and CEO James Gorman said at the time that "too many employees" were based in high-cost centers.

"Now is the time to tackle head-on our infrastructure costs," he said.

...........

"We said we were going to deploy 1250 people into our lower cost centers of excellence in Mumbai and other parts of the world," he said. "We have had about 450 jobs that we've put in those centers so far."


.................SNIP"

There will be no middle class left once the GOP gets done.

[applegrove]

1. I hope the wall street supporters of Trump take notice.

[CentralMass]

2. It's time to move his @$$ to Mumbai too.

[Person 2713]

9. What do you have against Mumbai?

No one should suffer that fool

[Warpy]

3. Eager beaver traders will work for a tenth the money over there

I'm surprised those jobs weren't some of the first offshored.

[MADem]

4. Uh oh....all those young 'bros' with their look-alike haircuts will all be on the unemployment line.

They'd better start developing an actual skill....

[Divine Discontent]

5. oh MADem! when you're right, you're SOOOOO right :)

[LonePirate]

6. I'm surprised those jobs weren't replaced by software instead of by other humans.

[Raster]

8. I am also surprised. Many of the human analyst jobs will eventually move to software "analysts."

Here is one of the best articles I've read recently on the subject:

http://www.nytimes.com/2016/02/28/magazine/the-robots-are-coming-for-wall-street.html?_r=0

The Robots Are Coming for Wall Street
Hundreds of financial analysts are being replaced with software. What office jobs are next?

When Daniel Nadler woke on Nov. 6, he had just enough time to pour himself a glass of orange juice and open his laptop before the Bureau of Labor Statistics released its monthly employment report at 8:30 a.m. He sat at the kitchen table in his one-bedroom apartment in Chelsea, nervously refreshing his web browser — Command-R, Command-R, Command-R — as the software of his company, Kensho, scraped the data from the bureau’s website. Within two minutes, an automated Kensho analysis popped up on his screen: a brief overview, followed by 13 exhibits predicting the performance of investments based on their past response to similar employment reports.

Nadler couldn’t have double-checked all this analysis if he wanted to. It was based on thousands of numbers drawn from dozens of databases. He just wanted to make sure that Kensho had pulled the right number — the overall growth in American payrolls — from the employment report. It was the least he could do, given that within minutes, at 8:35 a.m., Kensho’s analysis would be made available to employees at Goldman Sachs.

In addition to being a customer, Goldman is also Kensho’s largest investor. Nadler, who is 32, spent the rest of the morning checking in with some of the bank’s most regular Kensho users — a top executive on the options-and-derivatives-trading desks, a fund manager — then took an Uber down for a lunch meeting at Goldman’s glass tower just off the West Side Highway in Manhattan. While almost everyone in the building dresses in neatly pressed work attire, Nadler rarely deviates from his standard outfit: Louis Vuitton leather sandals and a casual but well-cut T-shirt and pants, both by the designer Alexander Wang. Nadler owns 10 sets of these. His austere aesthetic is informed by the summer vacations he spent in Japan while pursuing a doctoral degree in economics from Harvard, mostly visiting temples and meditating. (‘‘Kensho’’ is the Japanese term for one of the first states of awareness in the Zen Buddhist progression.) He also wrote a volume of poetry — imagined ancient love poems — that Farrar Straus & Giroux will publish later this year.

<snip, more>

[pangaia]

7. "..lower cost centers of excellence....."

Like the people at the EXPEDIA centers of excellence?