May 25, 2016 3:47 pm | Updated 5 years ago.
Morgan Stanley, an American multi-national financial service corporation is envisaging on shifting about seventy-five of his employees from Shanghai to India or HongKong in an attempt to cut cost. This will witness hiring in India but at the same time the there will be job losses in China.
Morgan Stanley aims to focus on its major offshore hub which is in India by eliminating small centers in China. The office in China provided back office support to Morgan Stanley’s business in Asia. The investment bank plans to reduce its expenditure up to $ 1 billion by 2017 by using technology and outsourcing jobs .The Company has decided to shift operations from high-cost cities like New York to low-cost cities in India.
According to a report generated by Reuters ,Morgan Stanley has also started a project to identify and implement a reduction in internal expenditures by the end of 2017.Other multinational banks like The Goldman Sachs and HSBC are also shifting jobs overseas to control cost and improve efficiency.
Date of Publication: May 23, 2016