Outsourcing core operations to the developing world is taking off and some of Wall Street's biggest names are leading the way.

JP Morgan said in August it would create an equity research office in Mumbai, India, where Morgan Stanley is also set to hire 50 researchers. Reuters, the news and information provider, said it would increase job relocation to low-cost markets in Thailand and India. The company is doubling staff levels at its Bangkok centre in Thailand to 600 by the end of next year. It is also expanding another Indian centre in Bangalore to include software development. London-based HSBC plans to move call centre and back-office jobs to China, Malaysia and India.