Japan’s Sumitomo Mitsui and Switzerland’s Julius Baer are joining US investment firms Charles Schwab Corp and Vanguard Group in plans to jointly hire at least 1,000 people this year in cities such as Chennai and Hyderabad. | Photo credit: TOMOHIRO OHSUMI
Japan’s Sumitomo Mitsui and Switzerland’s Julius Baer are joining U.S. investment firms Charles Schwab Corp and Vanguard Group in plans to jointly hire at least 1,000 people this year in cities including Chennai and Hyderabad, according to people who asked not to be identified discussing private plans.
The expansion underlines India’s growing role as a hub for so-called global capacity centers, which global banks and financial firms use to tap a deep talent pool at a competitive cost while building out technology, risk and operations functions that support their global operations.
The push to expand is also because US immigration policy is hindering the deployment of Indian talent abroad. Higher visa costs and tighter scrutiny of skilled worker programs such as the H-1B under US President Donald Trump have pushed global companies to locate more positions in India rather than rely on moving workforces to the US.
“Rising compliance costs and stricter visa regimes are accelerating an inevitable shift towards India’s GCC industry,” said Simar Singh, partner at KPMG. “Banks need regulatory capacity at scale, and today that combination of talent, cost and maturity only exists in India,” he said.
A few other global financial companies, including Copenhagen Infrastructure Partners, have set up a GCC in India by the end of 2025.
SMBC, Julius Baer, Charles Schwab and Vanguard did not 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 companies look to centralize global processes in India, the people said.
Recently, UBS Group AG opened a new global capacity center in the southern Indian city of Hyderabad.
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Published on February 18, 2026
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