Morgan Stanley opens offshore development shop in Montreal

By Heri May 2nd 2008 in Finance

Morgan Stanley, a Wall Street investment bank, has opened yesterday an IT development center in Montréal, investing up to $200 million and creating 500 jobs in 5 years.

The bank already has 18 other IT development centers throughout the world, and was considering opening a new center in an Eastern Europe country, but chose finally Montréal.

This tells a lot about Montréal, where salaries are much lower than those found in New York city. The province also introduced recently new tax credits, up to 30% of the salary for each employee, with Morgan Stanley being the first big company to benefit from it. A third reason why Montréal was chosen was that it had the same time zone as New York city. I am not sure that the word “offshore” development center was used, but when the bank representative talked about developping systems for the New York City office, it pretty much looks like it.

Great news then for finance/math/CS grads. Great also because this might spun off a couple of finance-related emerging companies.

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Comments

Sylvain Carle May 04, 2008

Not really creating 500 jobs, it starts by “transferring” existing jobs… more on http://blogues.cyberpresse.ca/lapresseaffaires/cousineau/?p=159

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Mark macLeod May 05, 2008

I’m happy to see this come here, but it puts more pressure on hiring for local companies. Hopefully, the really great people will want to work at head office for a local company vs. in some development arm of a big, foreign company.

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Charlie May 08, 2008

Yes, there is a good article on today’s (Thursday’s) Gazette — these aren’t really new jobs. What’s new is that they are taking advantage of tax credits. And transferring Compuware (a subcontractor) to Morgan Stanley. The 500 is an ‘up to’ theoretical number.

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HipMojo.com » An Incubator That Gives Back 30-50% of the Investment? Believe It. May 09, 2008

[...] fact, this is why venerable investment bank Morgan Stanley is investing up to $200 million and creating 500 jobs in 5 years in [...]

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Alex Kovalenko August 05, 2008

Our company, Kovasys Inc., has officially been picked as Morgan Stanley IT recruiting partner in Montreal – if you are looking for a job here with Morgan Stanley – you can apply directly:
http://jobs.kovasys.com

Thanks
–
Alex Kovalenko
Director of Operations
http://www.kovasys.com
alex@kovasys.com
Tel: 888.568.2747 x701

“IT Consulting & Staffing”
“Consultation et Recrutement en TI”

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