Several international financial groups, including Sumitomo Mitsui Banking Corp. (SMBC) and Julius Baer Group, are preparing to broaden their presence in India by establishing global capability centres (GCCs), reported Bloomberg, citing sources.
The two firms are expected to join US investment companies Charles Schwab Corp. and Vanguard Group in a recruitment drive that could total at least 1,000 hires this year across locations such as Chennai and Hyderabad, the sources said.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The moves highlight India’s increasing importance to global finance as a base for GCCs, which firms use to build technology, risk and operations teams in a large talent market that remains cost-effective, while supporting work carried out across international businesses.
People familiar with the matter also pointed to the US immigration policy as a factor influencing where roles are based.
Higher visa charges and stricter review of skilled-worker routes, including the H-1B programme under the US President Donald Trump, have encouraged some employers to place more jobs in India rather than transferring staff to the US.
KPMG partner Simar Singh, as reported by the publication, said: “Rising compliance costs and tightening visa regimes are accelerating an inevitable shift to India’s GCC industry.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Banks need regulatory capability at scale, and today that combination of talent, cost, and delivery maturity exists only in India.”
Other financial organisations are also moving in the same direction.
Copenhagen Infrastructure Partners is among the groups cited as working on GCC set-ups in India, the people said.
SMBC, Julius Baer, Charles Schwab, Vanguard and Copenhagen Infrastructure Partners did not respond to emailed requests for comment.
The positions being added are expected to cover functions such as research, payments and operational support, as well as work linked to digital assets.
According to the sources, there is also growing focus on artificial intelligence and automation, as firms aim to consolidate global processes in India.
In a recent example, UBS Group AG launched a new GCC in Hyderabad.
The Swiss banking group plans to hire close to 3,000 people at the site over the next two years, the people said.
UBS has had teams in India for more than a decade, supporting its wider activities in technology, finance and other support functions.
