Big Take: Wall Street Speeds Up India Expansion
Podcast: Big Take by Bloomberg & iHeartPodcasts
Episode Date: November 11, 2025
Host: David Gura
Main Guest & Reporter: Sadi Nayak (Bloomberg Mumbai finance reporter)
Theme: How Wall Street banks are accelerating their expansion in India and shifting higher-skilled roles there, driven by domestic growth and US policy changes.
Episode Overview
This episode explores the transformation of India’s role in global finance, moving far beyond its origins as a call center hub to become an essential center for highly skilled jobs in the world’s largest financial firms. It delves into how new US immigration policies—specifically, a dramatic increase in the H1B visa fee by President Trump—are speeding up this shift. The conversation features detailed insights from Bloomberg finance reporter Sadi Nayak, who tracks Wall Street’s growing presence in India, and includes perspectives from senior banking executives.
Key Discussion Points & Insights
1. India’s Evolving Role in Global Finance
- Initial “Call Center” Phase:
- In the late 90s/early 2000s, India’s main financial services jobs were low-skilled, often call center roles supporting US customers.
- “[T]hese firms…operations in India were largely to address grievances of customers or initiate sales through phone calls.” — Sadi Nayak [03:41]
- In the late 90s/early 2000s, India’s main financial services jobs were low-skilled, often call center roles supporting US customers.
- Shift Toward High-Skilled Work:
- Now, Indian offices are central to global financial operations, focusing on core tasks like financial analysis, software engineering, and risk management.
- Example: Goldman Sachs’ Bangalore office grew from 300 mostly support staff (2004) to over 8,000 employees doing high-level work by 2025.
- “Those workers do everything from core financial analysis to risk management. The kind of jobs that used to be done in US cities.” — David Gura [04:00]
- Example: Goldman Sachs’ Bangalore office grew from 300 mostly support staff (2004) to over 8,000 employees doing high-level work by 2025.
- Now, Indian offices are central to global financial operations, focusing on core tasks like financial analysis, software engineering, and risk management.
- Global Capability Centers (GCCs):
- US banks like J.P. Morgan, Goldman Sachs, Citi, and others employ about 150,000 people in India.
- Some banks have more staff based in India than in any other country outside the US.
2. Driving Forces Behind the Shift
- Abundant and Low-Cost Talent:
- India's tech and finance universities churn out large numbers of graduates annually, making India an ongoing magnet for operations needing skilled employees.
- “There will be more opportunities for formal and informal workers. This is because there is no dearth of talent from the tech side in India.” — Sadi Nayak [05:47]
- India's tech and finance universities churn out large numbers of graduates annually, making India an ongoing magnet for operations needing skilled employees.
- Cost Advantages:
- Indian entry-level tech and finance salaries are a fraction of US equivalents: $4,000–10,000/year in India vs. $60,000–120,000 in US.
- “Firms know that the salary of an Indian tech engineer is much less than what it is in the US for an entry level role…” — Sadi Nayak [12:38]
- Indian entry-level tech and finance salaries are a fraction of US equivalents: $4,000–10,000/year in India vs. $60,000–120,000 in US.
- Impact of US Immigration Policy:
- President Trump’s $100,000 H1B visa fee has made it cost-prohibitive for banks to bring Indian talent to the US.
- This accelerates the trend of banks hiring within India instead of sponsoring visas.
3. Domestic Benefits & Policy Incentives
- Boom in High-Skilled & Informal Jobs:
- More tech and finance roles means better opportunities for Indian graduates, but also growth in infrastructure and informal jobs supporting the sector.
- “A tech engineer…has more options on the table…a gcc, a fintech firm.” — Sadi Nayak [14:43]
- More tech and finance roles means better opportunities for Indian graduates, but also growth in infrastructure and informal jobs supporting the sector.
- Indian Government’s Proactive Stance:
- Anticipates a new GCC policy framework to further incentivize foreign banks to establish and expand in India.
- “From our sources we have found out that there is a GCC policy framework that’s going to be in the making…” — Bloomberg Finance Reporter [15:55]
- Anticipates a new GCC policy framework to further incentivize foreign banks to establish and expand in India.
4. Risks and Challenges
- Potential for US Retaliation:
- US administration under Trump might target Indian GCCs with tariffs or sanctions if offshoring ramps up dramatically.
- “There is a risk that there could be a backlash from Trump and Trump could now target GCCS next.” — Sadi Nayak [17:21]
- US administration under Trump might target Indian GCCs with tariffs or sanctions if offshoring ramps up dramatically.
- Strategic Balancing Act:
- Banks are weighing expansion in India against the risk of antagonizing US policymakers.
Notable Quotes & Memorable Moments
On India’s Transformation as a Financial Hub
- “So what began as low skilled call center jobs in India have now evolved into a mission critical hub of global finance and technology.” — Sadi Nayak [02:05]
On Impact of the H1B Visa Hike
- “JPMorgan CEO Jamie Dimon [said] that the announcement caught everybody off guard.” — Sadi Nayak [10:18]
- “This has actually accelerated the pivot to India. Wall street banks were hiring anyway. This fee is just a push, potentially bringing more jobs to India.” — Sadi Nayak [13:25]
On Real-World Indian Innovations
- “We have information from our sources that the technology behind running this Zelle app was entirely built out of India through Bank of America, Goldman Sachs GCCs in Bangalore and Hyderabad.” — Bloomberg Finance Reporter [06:58]
On Government Policy
- “The government wants to incentivize these firms to build more, more operations in India, set up more offices, employ more workers and kind of steer the job market.” — Bloomberg Finance Reporter [16:23]
On Geopolitical Uncertainties
- “US Firms are walking a fine line as they look to shift more of these roles to India… There is a risk that there could be a backlash from Trump and Trump could now target GCCs next.” — Sadi Nayak [17:15]
Important Segments & Timestamps
- [02:05] Evolution of India's role in Wall Street operations
- [04:00–04:58] Scale of expansion: multinational bank headcount growth in India
- [06:21–06:58] India's role in developing platforms like BlackRock Aladdin, Goldman Atlas, and Zelle
- [09:31–12:01] Impact and reactions to President Trump’s H1B visa hike
- [13:17–14:00] How visa fees are financially driving the pivot to India
- [15:55–16:36] India’s planned policy incentives for foreign finance firms
- [17:00–17:27] Risk of US retaliation/targeting Indian GCCs
Summary: Why This Episode Matters
This episode paints a nuanced, detailed picture of how geopolitical shifts, cost advantages, and domestic talent are repositioning India at the financial core of Wall Street’s global ambitions. The episode balances deep reporting (with on-the-ground examples and inside information) with accessible explanations, making it required listening for anyone interested in global labor dynamics, tech, or finance.
India’s rise as a skilled finance and tech hub isn’t only a matter of local pride or economic opportunity—it’s now a critical linchpin in the business strategies of major multinational banks. US immigration policies may have intended to keep more jobs at home, but they are inadvertently fueling even more investment and job creation in India.
End of Summary