Wall Street ramps up India hirings as Trump’s H-1B visa crackdown drives shift to GCCs: Report

Core Insights - The tightening of H-1B visa policies by the US government is driving US companies to expand their Global Capability Centers (GCCs) in India, leveraging the country's skilled talent and lower operational costs [1][4][5] Group 1: Expansion of GCCs - Major US banks are actively increasing their workforce in India, with firms like JPMorgan, Goldman Sachs, KKR, and Millennium Management hiring for various specialized roles [2][4] - The employment at these GCCs is projected to grow significantly, with estimates suggesting a 50% increase to 2.8 million employees by 2030 [6] Group 2: Talent Pool and Operational Shift - India is recognized as one of the largest tech talent pools globally, ranking alongside China and Japan in terms of top talent locations [3] - The nature of work in these GCCs has evolved from basic back-office functions to critical operational roles, employing a diverse range of skilled professionals [8][9] Group 3: Salary Comparisons and Market Dynamics - Salary levels for entry-level positions in India at US banks' GCCs are significantly lower than those for similar roles in the US, with engineering graduates earning between ₹300,000 ($3,384) to ₹800,000 annually [11] - The rapid growth of the workforce in India reflects the increasing sophistication of the talent pool, as evidenced by promotions within major firms [11] Group 4: Strategic Importance - The shift in operations to India underscores the strategic importance of these centers in global finance, with some banks indicating that disruptions in India would have a greater impact than issues at their headquarters [9][12] - Industry leaders predict that the trend of GCC expansion in India will continue to gain momentum, further solidifying its role in the global job market [12]