Thomson Reuters moving more international jobs to Asia - Tom Glocer
Sunday 13 December 2009
Thomson Reuters is moving more jobs to India and other Asian nations as the developed world is still emerging from the worst recession after the credit crisis, says Tom Glocer.
"We are moving more international jobs to the region," the chief executive said.
"HSBC and Standard Chartered have done much better than the Royal Bank of Scotland and Lloyds, in part, because of their presence in the Asian markets and developing markets," he said in an interview.
"We have more people in India than in any other country, except the US," Glocer told The Economic Times of India.
"Legal business is building up and we have an important role to play with partners in the development of the Indian judicial system," he said.
The head of Thomson Reuters' investment advisory and wealth management business, Eric Frank, is relocating to Hong Kong from New York to run the wealth management business from Asia because "the opportunities are so significant" Glocer said.
"It is a good period for stronger institutions," Glocer said. "That doesn't mean that any of them are going to go on a spending spree. But it does overall help, if the financial system improves."
Glocer said the global economic recovery would be uneven. He pointed to the theory of Sir Martin Sorrell, CEO of advertising agency WPP, who believes recovery in Europe will be L-shaped, in the U.S. it will be U-shaped – low and slow – while in countries such as China and India it will be V-shaped, which means rapid recovery.
"I don't want to pretend that all are bouncing back," Glocer added. "I also think that the darkest hour before the dawn is not the right time to predict the colours of the next 48 hours.” ■