Having an MBA, this one really hit close to home. Quoting from Prestowitz, page 100:
Morgan Stanley long ago moved its back office operations to India to take advantage of the time difference and Indian salaries. Recently, however, it has moved about fifty of its analysts to India as well. Analysts are MBAs who do research and analysis of corporate financial statements, business plans, and execution in order to make investment recommendations on various stocks and bonds....guys who do it earn $80,000 a year and up in New York...Their American managers told me they (Morgan Stanley India) also work harder and make fewer errors while earning only $20,000 a year. [Emphasis added by me]
Incredible...
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