Charles Schwab Plans 2,000 Hyderabad Workforce
The US financial firm is expanding in India even as AI weighs on hiring at longer-established GCCs.
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Charles Schwab plans to employ about 2,000 people at its new Hyderabad global capability center (GCC) by the end of 2027, even as some longer-established financial firms use AI and restructuring to curb staffing.
The US financial services company will hire in phases, starting with about 500 employees in the first year.
The Hyderabad center, inaugurated on Wednesday, will support Charles Schwab’s US operations across technology development, engineering and other business functions. The company also plans to bring some technology work currently handled by contractors in India into the new center.
The expansion stands out against a more cautious hiring environment at some long-established global capability centers. Standard Chartered has said jobs at its India back-office operations will be affected by restructuring, while Wells Fargo has said AI could eventually reduce parts of its workforce.
India has become the world’s largest hub for GCCs, with more than 2,100 centers employing about 2.36 million people and generating nearly $100 billion in revenue, according to a 2026 Nasscom-Zinnov report.
Financial services firms account for a substantial part of that workforce. Companies including JPMorgan Chase, Wells Fargo, Barclays and American Express together represent about a quarter of India’s GCC employment.
Hyderabad has also been adding centers rapidly. Telangana Information Technology Minister Sridhar Babu told Reuters that the state hosts more than 475 GCCs and expects another 100 to be added over the next year.
Schwab’s hiring plan shows that AI-related efficiency drives are not producing a uniform slowdown in GCC employment. Older centers may be consolidating roles, while newer entrants are still building teams and shifting work into India.
