India and China hoping to gain talent as Wall Street lays off bankers

Within hours of Bank of America's agreeing to buy Merrill Lynch this week, the Indian financial services firm Ambit hired five Merrill executives, a sign that Asia hopes to gain from the huge Wall Street layoffs.
For China and India, whose economies are still expanding at well over 7 percent, the global crisis in the financial industry makes it easier to recruit bankers.
The governor of New York reckons that, in a worst-case scenario, 40,000 Wall Street jobs could be eliminated, and talk is swirling of more bank deals and mergers.
Lehman Brothers, which has filed for bankruptcy protection, has about 2,000 staff members in India, including its back-office operation, while Merrill has about 500.
Ambit Holdings said n Monday that it had hired the five Merrill executives from a majority-owned local venture for its institutional equities and equity proprietary trading unit, including a 10-year Merrill veteran as head.

Source