Monday, December 5 2005 12:40 Hrs (IST) - World Time -

London: "JP Morgan Chase is planning to hire 4,500 graduates in India over the next two years with the aim of moving 30 per cent of its back office and support staff at its investment bank offshore by the end of 2007, The Financial Times said.

The is plans to move nearly a third of its investment bank's back office and support staff to India by the end of 2007. This is to take advantage of the low cost of highly educated staff in India, the report said.

Mumbai and Bangalore will be its office locations. The bank will process its foreign exchange trades in these Indian cities. Credit derivatives contracts also will be transfered to these cities, FT reports.

The Bank is currently hiring between 300 and 400 graduates a month and plans a total of 9,000 by the end of 2007. Out of these staff around 3,000 will work for the investment bank. Rest of the staff will be supporting the groups retail and commercial banking operations, including 2,000 call centre workers.