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they were paid standard local wages and vacation and health benefits。 〃India is an
unbelievably rich place for recruiting people； not only with technical skills but
also financial skills；〃 said Glocer。 When a company puts out its earnings； one of
the first things it does is hand it to the wires…Reuters； Dow Jones； and Bloomberg…for
distribution。 〃We will get that raw data；〃 he said； 〃and then it's a race to see how
fast we can turn it around。 Bangalore is one of the most wired places in the world；
and although there's a slight delay…one second or less…in getting the information
over there； it turns out you can just as easily sit in Bangalore and get the electronic
version of a press release and turn it into a story as you can in London or New York。〃
The difference； however； is that wages and rents in Bangalore are less than one…fifth
what they are in those Western capitals。
While economics and the flattening of the world have pushed Reuters down this path；
Glocer has tried to make a virtue of necessity。 〃We think we can off…load commoditized
reporting and get that done efficiently somewhere else in the world；〃 he said； and
then give the conventional Reuters journalists； whom the company is able to retain；
a chance to focus on doing much higher…value…added and personally fulfilling
journalism and analysis。 〃Let's say you were a Reuters journalist in New York。 Do
you reach your life's fulfillment by turning press releases into boxes on the screen；
or by doing the analysis？〃 asked Glocer。 Obviously； it is the latter。 Outsourcing
news bulletins to India also allows Reuters to extend the breadth of its reporting
to more small…cap companies； companies itwas not cost…efficient for Reuters to follow
before with higher…paid journalists in New York。 But with lower…wage Indian reporters；
who can be hired in large numbers for the cost of one reporter in New York； it can
now do that from Bangalore。 By the summer of 2004； Reuters had grown its Bangalore
content operation to three hundred staff； aiming eventually for a total of fifteen
hundred。 Some of those are Reuters veterans sent out to train the Indian teams； some
are reporters filing earnings flashes； but most are journalists doing
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slightly more specialized data analysis…number crunching…for securities offerings。
〃A lot of our clients are doing the same thing；〃 said Glocer。 〃Investment research
has had to have huge amounts of cost ripped out of it； so a lot of firms are using
shift work in Bangalore to do bread…and…butter company analysis。〃 Until recently the
big Wall Street firms had conducted investment research by spending millions of
dollars on star analysts and then charging part of their salaries to their
stockbrokerage departments； which shared the analysis with their best customers； and
part to their investment banking business； which sometimes used glowing analyses of
a company to lure its banking business。 In the wake of New York State Attorney General
Eliot Spitzer's investigations into Wall Street practices； following several
scandals； investment banking and stockbrokerage have had to be distinctly
separated…so that analysts will stop hyping companies in order to get their investment
banking。 But as a result； the big Wall Street investment firms have had to sharply
reduce the cost of their market research； all of which has to be paid for now by their
brokerage departments alone。 And this created a great incentive for them to outsource
some of this analytical work to places like Bangalore。 In addition to being able to
pay an analyst in Bangalore about 15；000 in total compensation； as opposed to 80；000
in New York or London； Reuters has found that its India employees tend to be
financially literate and highly motivated as well。 Reuters also recently opened a
software development center in Bangkok because it turned out to be a good place to
recruit developers who had been overlooked by all the Western companies vying for
talent in Bangalore。
I find myself torn by this trend。 Having started my career as a wire service reporter
with United Press International； I have enormous sympathy with wire service reporters
and the pressures； both professional and financial； under which they toil。 But UPI
might still be thriving today as a wire service； which it is not； if it had been able
to outsource some of its lower…end business when I started as a reporter in London
twenty…five years ago。
〃It is delicate with the staff；〃 said Glocer； who has cut the entire Reuters staff
by roughly a quarter； without deep cuts among the reporters。 The Reuters staff； he
said； understand that this is being done so
that the company can survive and then thrive again。 At the same time； said Glocer；
〃these are sophisticated people out reporting。 They see that our clients are doing
the exact same things。 They get the plot of the story 。 。 。 What is vital is to be
honest with people about what we are doing and why and not sugarcoat the message。
I firmly believe in the lesson of classical economists about moving work to where
it can be done best。 However； we must not ignore that in some cases； individual workers
will not easily find new work。 For them； retraining and an adequate social safety
net are needed。〃
In an effort to deal straight with the Reuters staff； David Schlesinger； who heads
Reuters America； sent all editorial employees a memo； which included the following
excerpt：
Off…shoring with Obligation I grew up in New London； Connecticut； which in the 19th
century was a major whaling center。 In the 1960's and 70's the whales were long gone
and the major employers in the region were connected with the military…not a surprise
during the Vietnam era。 My classmates' parents worked at Electric Boat； the Navy and
the Coast Guard。 The peace dividend changed the region once again； and now it is best
known for the great gambling casinos of Mohegan Sun and Foxwoods and for the
pharmaceutical researchers of Pfizer。 Jobs went； jobs were created。 Skills went out
of use； new skills were required。 The region changed； people changed。 New London；
of course； was not unique。 How many mill towns saw their mills close； how many shoe
towns saw the shoe industry move elsewhere； how many towns that were once textile
powerhouses now buy all their linens from China？ Change is hard。 Change is hardest
on those caught by surprise。 Change is hardest on those who have difficulty changing
too。 But change is natural； change is not new； change is important。 The current debate
about off…shoring is dangerously hot。 But the debate about work going to India； China
and Mexico is actually no different from the debate once held about submarine work
leaving New
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London or shoe work leaving Massachusetts or textile work leaving North Carolina。
Work gets done where it can be done most effectively and efficiently。 That ultimately
helps the New Londons； New Bedfords and New Yorks of this world even more than it
helps the Bangalores and Shenzhens。 It helps because it frees up people and capital
to do different； more sophisticated work； and it helps because i