Morgan Stanley (NYSE:MS) is intensifying its presence in India, leveraging the country's tech manpower as the second-largest base outside the U.S. for multinational financial firms. Michael Pizzi, Morgan Stanley's Managing Director and Head of US Banks & Technology, revealed that one-third of their global tech workforce is based in India, a testament to the country's exceptional talent pool.
Pizzi praised India's digitization efforts, likening the transformative potential of digitization as public infrastructure to physical infrastructure. As part of its expansion strategy, Morgan Stanley is focusing on new technologies such as cloud computing and generative AI, with a relentless hunt for new talent proficient in these areas.
The firm's Indian operations have seen rapid growth over the past three years. With around 8,000 employees, India houses various units of Morgan Stanley at two global capability centers (GCCs) located in Mumbai and Bengaluru. These include technology, operations, finance, fund services, legal and compliance, HR, prime brokerage, internal audit, risk management, fixed income research, and parametric units.
In tandem with this growth, the firm is diversifying its investment banking business and trading products in India. This aggressive expansion comes as Morgan Stanley celebrates 30 years of operation in the country.
Under Pizzi's leadership, who formerly served as CEO of E*Trade, Morgan Stanley developed AI @ Morgan Stanley Assistant. This generative AI tool for wealth management was created in partnership with OpenAI and is seen by the firm as a means to enhance productivity in content retrieval or summarization.
Morgan Stanley manages $6.2 trillion of client assets across wealth management and investment management businesses. As part of its commitment to diversity, women constituted 36% (excluding campus hires) and 44% of all new hires from campuses in India in 2022. This includes several senior female technologists. The firm also launched the Return to Work (RTW) program, a 16-week paid internship for professionals re-engaging with the workforce after a career break, extending diversity support to LGBT+, people with disabilities, and veterans.
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