For all who feel the axe coming down upon their necks, do not panic. I feel that the jobs will keep flowing into India but there is no need to panic anytime soon here as these big investment banks will only send their back-office, operations and IT side (blue collar finance) to India...Right now we're still in an experimental phase. These jobs are labor intensive and do not produce any revenue as such for these Banks. So general economic law prevailing, these jobs go to areas which can reduce the expenses involved (globalization in terms of labor). I've not seen one major US investment bank move its revenue generating functions: Investment banking/Trading/Sales to India as yet and as far as I see, this will not happen as this group in the US have already created their own niche within the US, European and Asian Markets (client/bank to bank/trader to trader relationships, information access, etc.). However, to tap into the rapidly growing Indian market, these Wall Street banks have added local sales/trading/I-Bankers who will be dealing with less capital, less access to foreign banks/clients and more competitors; local as well as international. Taking these into effect, there is no way an average Indian Investment Banker would be able to produce more than an average US banker which in all theory would make it hard for any rational Wall Street bank to move its entire I-Banking structure to India.