UBS has hired over 3,000 employees in India as part of its strategy to do more of its technology and operations work in-house and the Swiss bank plans to tap Indian engineering colleges for future talent.
The Zurich-headquartered financial company has been pulling work away from Indian IT companies for the last two years as it stocks up on in-house talent. Headcount in India doubled from 750 to 1,500 in 2017; and has doubled again crossing 3,000 full-time employees in September 2018. “In the initial phases, it was classic insourcing. Now, we are actively going to campuses and hiring. We are going to the IITs and the other institutions. We hired 100 people from campuses in 2018. We will do much more going forward,” Harald Egger, country head-India, told ET in an interview.
UBS has opened two centres in Pune and one in Navi Mumbai. The company used to outsource about 70% of its work but now expects to do 60% of it in-house. “The talent we are targeting to bring in-house will provide a strategic differentiation for us. However, we will continue to work with strategic vendors.” Egger said.
IT companies have faced slow growth particularly from the banking and financial services sector, a mainstay of their business, as more companies look at doing their work themselves. The work being taken in-house is typically the highmargin digital work that IT companies are counting on to boost their own revenue.
“We are looking for talent in data science and artificial intelligence. We are also keen to attract mathematicians for our risk functions such as product risk and market concentration risk,” Egger said. He added the companys foundation was actively looking at projects to give back to Indian society as part of its growth in the country.
Source - Techgig