India the best market for technology talent, says Morgan Stanley’s Pizzi; co to hire people in cloud, generative AI

In response to the surging demand for specialized tech skills within the financial services sector, India emerges as a prime market for such expertise, according to a senior Morgan Stanley executive. Michael Pizzi, the Managing Director and Head of US Banks & Technology at Morgan Stanley, told ET that India currently ranks as the second-largest destination for tech manpower outside of the United States for multinational financial firms.
Pizzi, marking the company’s 30-year presence in India during his firsr visit, noted that of the company’s global tech workforce of 24,000, approximately 8,000 individuals, or a third, are based in India.
According to Pizzi, Morgan Stanley initially ventured into India for cost-effectiveness, but today, the company is here primarily for its exceptional talent pool. “This is one of the best, maybe the best market for technology talent in the world, and that’s why we’re here,” he said.
Furthermore, Pizzi highlighted the remarkable growth of Morgan Stanley’s tech team in India over the past three years. He emphasized the firm’s ongoing quest for fresh talent, particularly those proficient in critical domains such as cloud computing and generative artificial intelligence. However, specific hiring numbers were not mentioned. According to Pizzi, the aim is to scout for the best engineering talent.
Pizzi emphasized the firm’s impressive growth in India, stating, “We grew faster in India than what anyone thought.”
In India, Morgan Stanley has established two global capability centers (GCCs) in Mumbai (2003) and Bengaluru (2014). These centers encompass various business units, including technology, operations, finance, fund services, legal and compliance, HR, prime brokerage, internal audit, risk management, fixed income research, and parametric.
Morgan Stanley is actively expanding and investing in its investment banking business and the trading products it offers in the Indian market.
Morgan Stanley has pinpointed two areas where AI can swiftly enhance productivity: content retrieval and summarization.
Pizzi highlighted the role of India in advancing models that enable Morgan Stanley to swiftly deliver intellectual resources to tech advisors in a concise and readily accessible format.