Trading Places
Inside views on the jobs market
Wall Street job losses may be Asia’s gain
MUMBAI/SHANGHAI: Within hours of Bank of America agreeing to buy Merrill Lynch this week, Indian financial services firm Ambit hired five Merrill executives, a sign that Asia hopes to gain from massive Wall Street layoffs.
For China and India, whose economies are still expanding at well over 7 percent, the global financial industry crisis makes it easier to recruit bankers who are brushing off their resumes.
New York’s governor reckons 40,000 Wall Street jobs could go in a worst-case scenario, with talk swirling of more bank deals and mergers.
Lehman Brothers, which has filed for bankruptcy protection, has around 2,000 staff in India, including its back-office operation, while Merrill has about 500.
