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India Emerges as Hub for Niche Technology Skills in Financial Services, Says Morgan Stanley Executive
November 06, 2023
In a recent statement, Michael Pizzi, Managing Director and Head of US Banks & Technology at Morgan Stanley, highlighted India’s pivotal role in meeting the soaring demand for specialized technology skills in the financial services sector. Pizzi, on his maiden visit to India marking 30 years of Morgan Stanley’s operations in the country, revealed that India stands as the second-largest location for tech talent outside the US among multinational financial services firms.
With approximately 8,000 employees, constituting one-third of its global tech workforce, India has proven to be a prime market for technology expertise. Pizzi emphasized that Morgan Stanley initially established its presence in India for cost-efficiency but now recognizes the country as a hotspot for talent, particularly in cutting-edge domains like cloud computing and generative AI.
Over the last three years, Morgan Stanley’s tech team in India has more than doubled, reflecting the company’s rapid growth in the region. While specific hiring figures were not disclosed, Pizzi affirmed the company’s ongoing search for skilled professionals in critical areas, underscoring the need for talent development in emerging technologies. Morgan Stanley operates two Global Capability Centers (GCCs) in Mumbai (established in 2003) and Bengaluru (2014), housing various business units ranging from technology to finance. The company continues to expand its investment banking and trading products in the Indian market.
Additionally, Morgan Stanley has been a pioneer in integrating artificial intelligence into its wealth management services. The firm developed the AI @ Morgan Stanley Assistant tool, utilizing generative AI in collaboration with OpenAI, prior to the widespread adoption of similar technologies. Pizzi identified content retrieval and summarization as areas where AI can significantly enhance productivity within the financial services industry. As India’s tech talent pool continues to thrive, Morgan Stanley’s positive outlook underscores the nation’s position as a global hub for specialized technology skills in the financial sector.
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