Asian support centres

Top American banks riding high on Donald Trump`s presidency have hired almost 120,000 people in low-cost Asian economies, creating potential tensions with the new administration, which has pledged to bring jobs back to the US.

Bank of America, Citigroup, JPMorgan Chase, Morgan Stanley, Wells Fargo and Goldman Sachs employed 12 per cent of their total global workforce in Asian support centres in 2015 - the most recent data available. This compared with 10 per cent of overall jobs in 2013, according to figures compiled for the Financial Times by McLagan, a pay benchmarking company.

US banks have increasingly sought to cut costs and jobs at home to combat tougher regulation and sluggish revenue growth. David Warfield, associate partner at McLagan`s performance practice, said the banks were likely to continue adding staff outside the US, despite the Trump administration urging companies to invest more at home.

Mr Warfield said there was still demand from global banks to hire more staff in Asia, particularly for compliance functions that have become increasingly important following the financial crisis.

He added that banks` decisions about where to locate staff could become [less price-driven and more a function of reputation and specialist skillsets". He said this would create the potential for countries and cities to become tech hubs, citing India and eastern Europe.

McLagan data show the investment bank divisions of Citi, JPMorgan, BofA and Morgan Stanley have almost 2,700 staff in eastern Europe, more than three times the numbers employed a decade ago.

But this is much less than the 12,650 staff employed by the investment banking divisions in India and the 22,000 across Asia.

Goldman, which is not included in the investment bank specific data, also has significant headcount in Asia, including about 5,000 staff in Bangalore.

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