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Driving efficiency: US banks are concluding that |
Source: www.breakingviews.com is Europe’s leading financial commentary service
Date: June 2003
By Christopher Hughes
Banks have been casting around for ways to cut the cost of their research departments. And JPMorgan has come up with a radical new idea: setting up a new research office in Mumbai.
The Indian unit will coexist with the US bank’s existing operations but it still looks suspiciously like an experiment to see whether research can be produced offshore, where unit costs are 75% lower.
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