Bank of America brings some offshore projects back
"Offshoring" is no longer the biggest trend in outsourcing.
Livemint reports that Bank of America has started to return "a small part of the projects it had awarded to India's software companies" to firms in the U.S. or even to its own employees in a bid to "ward off political backlash against jobs being outsourced to India."
Bank of America has proven to be a solid customer of Tata Consultancy Services and Infosys -- both based in India -- as well as U.S.-based Accenture.
So where is this freed up work going to go?
GM has made a point of shifting previously offshored work back to its in-house units. In the case of Bank of America, the lucky recipients could be direct employees back in the U.S., or they could be foreign employees of bank-owned offshore operations, or they could be the U.S. employees of foreign owned outsourcing outfits. Most likely it will be a mix.
Given that the point of this activity is to mollify critics who have argued that jobs are being exported, one would think that U.S.-based employees would benefit in some form or fashion. With that said, top banks will remain big offshore outsourcers for years to come.
- here's the article