'Mumbai, Dubai, Shanghai - or goodbye,' executives are told

21 April 2008

Bankers in London and New York are being told to relocate to far-flung offices in emerging markets or lose their jobs, it has been claimed.

Downsizing involving job cuts has been recently announced by banks - and some of those avoiding the chop have been told that it's a case of "Mumbai, Dubai, Shanghai - or goodbye," the Times reports.

The chief executive of Citigroup told the Financial Times last week that costs needed to be reduced at the firm by 20 per cent.

Wall Street giants Merrill Lynch also announced that they are cutting 4,000 staff worldwide.

In the City, 20,000 jobs are expected to be lost in total, according to research from the Centre for Economics and Business Research.

Commenting on the exodus, Frank Hancock at ABN Amro's Indian operation said that banking executives were "not necessarily" moving abroad due to the credit crunch - though he conceded that there were "certainly fewer deals to be done…in the West".

Sudarshan Narayan at Asian business recruiting specialists Clark & Kent said that there has been an up to 25 per cent rise in the number of bankers relocating to the East in the last two years.

"Dealmakers don't want to sit on their hands back home," he told the Times.

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