JPM outsourcing bankers to India & Argentina
This seems pretty bad anyway you look at it. Industry probably had too many bodies since post-Covid but non-target men are screwed.
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I think this is a non-event. Consider the attrition rate and return to office numbers and there is a fair chance the company feels the current firm needed to be reshuffled already. From that perspective the LLM angle you may also see in the news is not the story but a convenient cover.
Yeah they're trying to move some of the roles offshore a bit, or looking at it differently, elevate how we currently leverage the India team across IB. I dont know the specific intention, but if they're trying to simply replace junior analyst talent 1:1 with folks in India, that's just not going to work out well. Whereas every other analyst in NYC might be solid, India its more like every 1/50 "bankers" seem to understand anything with any depth, quality lacks, even simple buyers strips... We'll see - I just haven't seen much in terms of attrition/RIFs too.
Tbh this seems pretty unlikely - if anything, the CRG teams in India, etc. are the ones ripe for automation / being replaced by AI rather than the bankers in London / NYC.
I completely agree with that. CRG has a few gems here and there, but a lot of junk gets tossed back to us. Doesnt matter how clear we are with instructions. I really dont understand this massive and strange push / investment into India
interned at a company that was trying to send some stuff to india to get it done cheaper and our team had to redo everything they did because it was filled with so many errors and didn't follow clear instructions, this was after 3 months of my team training the india team
I also concur. CRG has occasional gems but 99% of the time we’re using them to handle spreads and other things which I would assume will be the low hanging fruit susceptible to being handled AI in the future. There is absolutely 0 chance A&As in india will be making decks for VP+’s in the next 10 years. The institutional knowledge isn’t there and frankly neither is the talent/skillset. I would be more worried about their job security in the near term
at EVR the India team is called EVS and similarly they often returned trash. Across the board they were pretty much as a good as a middle of the pack intern, but there is always one who is very good that everyone hopes picks up their project.
Real alpha is to fire all offshore employees besides those few gems and replace the rest / arm the good offshore employees with AI. Have the India team check that AI outputs and push a truly audited work back to the onshore team.
Again, this entire process only works for the most bottom of the barrel workstreams, so it’s not even like scaling this up means you can decrease onshore juniors at a 1:1 basis
I don’t think this is anything different than what they’ve been doing. AI is just bluff to hire from India/Argentina and cut cost. No point to pay an analyst 6 figures to align logos is what JD probably thinks.
can we just send all the indian MDs and Directors there as well - so they can run their own little caste driven deal teams and not ruin banking culture in the USA.?
“Ruin banking culture” since when is banking culture not just whatever is most profitable?
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