Banks Continue To Offshore Technology Units

Globe

Chances are if you work at a bank and have an IT problem, you’re not going to be talking to someone in the same office.

To keep cutting costs and remain competitive, banks are increasing their offshoring of technology services and resources.

eFINANCIALCAREERS reports that Deutsche Bank recently said it intends to shift 8,000 jobs to lower cost destinations, while both Credit Suisse and UBS are accelerating moving IT jobs away from Switzerland and Singapore towards India and Eastern Europe.

Thus you’re likely to have to deal different cultures while solving a technology issue. India remains the location of choice for large-scale offshore headcount related to technology, but Eastern Europe is gaining traction and more development work is being carried out closer to home in so-called ‘nearshore’ lower-cost destinations.

So which banks are moving what jobs where ? Most banks won’t reveal exact figures and locations, but based on official sources as well as sources close to the situation, eFINANCIAL CAREERS pieced together banks’ biggest offshoring efforts, and calculates that 11 large banks in Europe and the US have some 82,000 technology jobs located outside their main centers of business. That’s more than the 80,000 jobs worldwide at Apple, the Cupertino computer and consumer electrics firm.

Hit the link below to access the complete article and see what 11 top firms have been doing:

Banks’ Offshore Tech Headcount Beats Apple’s Total Employment

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