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FINANCE
Wall St. mulls overseas jobs shift
Investment banks like Morgan Stanley, Goldman Sachs and Citigroup are mulling shipping research jobs to countries like India, where salaries for business graduates are as little as 10% of those in New York and London. Last week, J.P. Morgan said it will hire 40 junior stock analysts and other research staffers in Bombay this year as a way to expand research in a weak market.
** A recent Kearney report found U.S. banks, brokerages, mutual companies and other financial services firms to relocate 500,000 jobs offshore, or 8% of their work forces, over five years.
Settlements boost retailer options
Visa's $2 bil deal to end an antitrust suit from Wal-Mart and other retailers came just days after MasterCard made a similar $1 bil deal. The deals give merchants the option of using the cheaper debit systems of rivals. The credit card firms also will lower their fees. The changes could save retailers $100 bil through '10; savings could trickle to consumers.
SEC head rebukes Morgan's CEO