Reply #4: Wall Street Plans To Outsource 210 Billion Worth Of Jobs Next Year [View All]

[mhr]

http://www.hinduonnet.com/thehindu/holnus/002200410031288.htm

"$ 210 bn. jobs will be outsourced to India in 2005"

New Delhi, Oct 3 (UNI) Top 100 global financial companies will offshore jobs worth over 200 billion dollars to India and other countries in 2005, says a new research by Deloitte and Touche.

''Financial institutions are moving business functions to India because they are recognising compelling cost advantages and they are able to lock in savings and manage risks effectively,'' Mr Peter Lowes, the US leader of Deloitte's outsourcing practice, said.

In 2005, Deloitte expects the top 100 global financial companies to offshore a total of 210 billion dollars of their operating costs, saving on average, 700 million dollars.

The survey, covering 43 financial services companies around the world, suggests that the number of firms taking the offshore option increased by 38 per cent last year. Deloitte also estimated that by 2010, 20 per cent of the operating costs of global financial institutions would be centred abroad, reducing costs by about 37 per cent.

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