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Global Finance Giants Eye India for Big Expansions
18 Feb
Summary
- Global financial firms plan India expansion via GCCs.
- At least 1,000 jobs to be created in Chennai and Hyderabad.
- US visa policies accelerate shift of roles to India.
Several leading global financial firms are set to significantly expand their operations in India, establishing new global capability centers. Sumitomo Mitsui Banking Corp and Julius Baer Group are among those planning this strategic growth. They are joined by US-based Charles Schwab Corp and Vanguard Group, who collectively aim to hire at least 1,000 individuals by the end of 2026. Key locations for these new roles include Chennai and Hyderabad, tapping into India's vast and cost-effective talent base.
The expansion highlights India's increasing importance as a global hub for financial services support functions. This trend is further propelled by evolving US immigration policies, including higher visa fees and stricter H-1B program scrutiny. These factors are encouraging international firms to localize more roles within India, rather than relying on relocating staff.
KPMG partner Simar Singh noted that rising compliance costs and visa challenges are accelerating this shift. He emphasized that the unique combination of talent availability, competitive pricing, and delivery maturity makes India the ideal location for these critical functions. Copenhagen Infrastructure Partners is also mentioned as a firm that set up a GCC in India towards the end of 2025. UBS Group AG recently inaugurated its own global capability center in Hyderabad, further underscoring this burgeoning trend.
