SMBC, Julius Baer among firms setting up India tech centers

Global financial firms, including Sumitomo Mitsui Banking Corp. and Julius Baer Group, are planning to expand in India by setting up global capability centers, according to people familiar with the matter.

Japan’s Sumitomo Mitsui and Switzerland’s Julius Baer are joining US-based investment firms Charles Schwab Corp. and Vanguard Group in plans to hire at least 1,000 people collectively this year in cities including Chennai and Hyderabad, according to people, asking not to be identified discussing private plans.

The expansion underscores India’s growing role as a hub for so-called global capability centers, which international banks and financial firms use to tap a deep talent pool at competitive costs while building technology, risk and operations functions that support their global businesses.


The expansion push also comes as US immigration policies add friction to deploying Indian talent overseas. Higher visa fees and tighter scrutiny of skilled-worker programs such as the H-1B under US President Donald Trump have nudged global firms to localize more roles in India rather than rely on relocating staff to the US.

“Rising compliance costs and tightening visa regimes are accelerating an inevitable shift to India’s GCC industry,” said Simar Singh, partner at KPMG. “Banks need regulatory capability at scale, and today that combination of talent, cost, and delivery maturity exists only in India,” he said.

A few other global financial firms, including Copenhagen Infrastructure Partners, are also setting up GCC operations in India, the people said.

SMBC, Julius Baer, Charles Schwab, Vanguard and Copenhagen Infrastructure Partners didn’t respond to emails seeking comment.

The roles will span research, payments, operations and digital assets, with a growing emphasis on artificial intelligence and automation as firms look to centralize global processes in India, the people said.

Most recently, UBS Group AG opened a new global capability center in the southern Indian city of Hyderabad.