Large US banking GCCs in India keep hiring strong due to SVB-led demand

The growth of Global Capability Centers (GCCs) in India has been on an upward trajectory for several years now. Large US banking GCCs in India are keeping hiring strong due to the high demand led by Silicon Valley Bank-led clients.

Strong demand from Silicon Valley Bank-led clients

The recent hiring trend in the Indian IT sector indicates that the demand for high-end talent remains strong, especially in the banking sector. The surge in demand is being led by Silicon Valley Bank, a Santa Clara-based bank that serves the technology, life sciences, and healthcare sectors.

SVB has been expanding its operations in India for several years and has recently expanded its team to over 200 people. The bank's clients are technology firms in the US, and it has been expanding its operations in India to support these clients. This expansion has resulted in an increase in hiring by other US banking GCCs in India, as they compete for the same pool of talent.

Hiring trend in the Indian IT sector

According to industry experts, the hiring trend in the Indian IT sector has been steadily increasing for the last few years. The pandemic has had a minimal impact on the hiring process, as most of the recruitment is now being done online.

The Indian IT sector is expected to continue to grow at a steady pace, with the demand for talent remaining high. The sector has witnessed a surge in demand for skilled professionals with expertise in emerging technologies such as cloud computing, artificial intelligence, and data analytics.

Growth of Global Capability Centers (GCCs) in India

GCCs in India are becoming increasingly popular due to the country's vast pool of talented professionals and the cost advantages of doing business in India. These centers provide high-quality, cost-effective services to clients across the globe.

India is home to some of the world's largest GCCs, including those of Goldman Sachs, JPMorgan Chase, and Morgan Stanley. These GCCs have been expanding their operations in India for several years now, and the trend is expected to continue.

In conclusion, the demand for talent in the Indian IT sector remains high, especially in the banking sector, due to the demand from Silicon Valley Bank-led clients. The growth of GCCs in India is expected to continue, and India is poised to remain a key destination for global companies looking to set up offshore centers.