Goldman Sachs to shift UK jobs to India

http://timesofindia.indiatimes.com/cms.dll/xml/uncomp/articleshow?msid=94776

"US investment bank Goldman Sachs is to relocate a substantial part of its British operations to India next year to slash overheads, Britain's Independent newspaper reported on Friday.

"The report said that the bank told London staff of the plan in a confidential memo on Wednesday.

"Officials at Goldman in London and New York could not immediately be reached for comment. The report said that the bank would move part of the administration and IT department to India next spring or summer.

"Banks such as Goldman, JP Morgan Chase and Citigroup have been examining the benefits of shipping research jobs to countries such as India, where salaries for business graduates are as little as 10 per cent of those in New York and London.


My two cents:

I would bet money that the fasting growing membership in the Democractic Party are MBAs and other unemployed white collar workers.

Second, what is "research" worth from someone who has never even seen the company's operations or talked in person with its management?

Their BLOOD SUCKING SUPER CHEAP LABOR PARASITES---Let them sell all their wares in India for the same CHEAP PRICES :kick: em out

Well, there we go. Greed has taken over the universe.

if a lot of american corporation business is being handled in India.

and all the people without jobs here in the US will now become fodder for the military

Ambassador Robert D. Blackwill
Bangalore, India
February 5, 2003

INTRODUCTION
Thank you all for coming this afternoon.

I have just inaugurated the US pavilion here at Aero-India. Ten defense and aerospace companies from the United States - the largest group of such companies ever to come to India -- are here to showcase their products and to deepen their commercial ties with India. Their presence here speaks volumes about the extraordinary transformation that has taken place in US-India relations over the past two years.

Two years ago, under the 1998 sanctions regime, the United States and India seemed constantly at odds, but President Bush waived the sanctions against India, and drastically trimmed the long "Entity List" which barred Americans from doing business with certain Indian organizations from over 150 Entities to less than 20. As a result, there have been a number of breakthroughs on defense sales that have put the United States and India on the road to a stable, long-term defense supply relationship.

· The Bush Administration has worked with the American Congress to amend the law requiring congressional notification of all applications for export to India of items on the US munitions list. Since October 24, 2002, only those Major Defense Equipment (MDE) items above $14 million now require congressional notification. This change puts India in a category with American Treaty Allies such as South Korea and Japan.
http://newdelhi.usembassy.gov/wwwh0206amb.html

"The Carlyle Group plans to invest $125 million in India over the next 3-5 years. The venerable private equity investor has floated a $300-million Asia-focused fund, of which around 40% will be invested in India-driven companies.

Carlyle has till date invested around $25 million in India in various ventures like Usha Communications, SSKI, which owns the portal Sharekhan, and Educom.
The $125 million investment will exclusively be in IT and IT-enabled services. Said a Carlyle official, "It's not that we are not interested in other sectors, but the mandate of our fund has a clear focus on technology."

http://www.helplinelaw.com/news/0103/fl_ndjv-carlyle0103.php

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