Macquarie shifting 100 jobs to India

Macquarie Bank, Australia's largest securities firm, plans to shift as many as 100 administrative jobs to India, sources say.

Positions from divisions including payroll services will be moved from Sydney and London, said the people, who declined to be identified because details have not been announced. The bank planned to combine its global human resources functions as part of a "strategic review", said Macquarie spokesman Stephen Yan in Sydney.

Macquarie joins Credit Suisse and ANZ Bank among others that are hiring in India to take advantage of the nation's lower labour costs and pool of skilled workers.