US investment bank Goldman Sachs is setting up a back-office support centre in Bangalore, and expects to employ about 250 people by the end of this year, a company spokesman said on Wednesday. Though the centre focuses on support, some jobs involve advanced skills in investment, accounting and analysis. The move comes after investment banks such as J.P. Morgan Chase & Co and Morgan Stanley have set up offshore equity research units in the country, where salaries for business school graduates can be as low as 10 per cent of those in New York and London. “The Bangalore centre is mainly for accounting and technology support and is part of our expansion of functions globally,” Edward Naylor, Goldman Sachs spokesman in Hong Kong, said. After cornering about 50-60 per cent of the estimated $20billion offshore IT services market, analysts say India is now poised to emerge as a hub for securities research, project management and underwriting. (Reuters)
