Bank of America creates Indian outsourcing subsidiary
The wholly owned subsidiary will process some of the bank's back-office operations
IDG News Service - Bank of America Corp. is setting up a wholly owned subsidiary in Hyderabad, India, that will process some of its back-office operations.
The Continuum Solutions Pvt. Ltd. subsidiary will have about 500 staffers by the end of this year, with up to 1,000 employees by the middle of next year, the Charlotte, N.C.-based bank announced.
The subsidiary will help the bank to remain competitive in the global market and to grow in the U.S. and abroad, said Rahul Samant, managing director of Bank of America's Global Delivery Center and director of Continuum Solutions.
Bank of America is the latest multinational bank to outsource back-office operations to India. The bank already outsources software development work to Indian software companies such as Infosys Technologies Ltd. in Bangalore and Tata Consultancy Services in Mumbai.
U.S. banks, brokerage firms, insurance companies, mutual fund and other financial services firms are planning to relocate more than 500,000 jobs offshore, representing 8% of their workforces, over the next five years, according to a study conducted last year by the management consultancy A.T. Kearney Inc. in Plano, Texas.
Continuum Solutions is part of Bank of America's Global Delivery Center of Expertise, which is responsible for all of the bank's offshore outsourcing activities. The back-office support provided by Continuum will be a mix of transaction processing and high-end complex processing.
See more coverage of this issue in our Outsourcing Center.
- Why Projects Fail CIOs are expected to deliver more projects that transform business, and do so on time, on budget and with limited resources.
- The New Business Case for Video Conferencing: 7 Real-World Benefits Beyond Cost-Savings This whitepaper provides insight into the value of video conferencing in today's business environment, and how organizations are using visual collaboration to find...
- Gartner Magic Quadrant for Client Management Tools The client management tool market is maturing and evolving to adapt to consumerization, desktop virtualization, and an ongoing need to improve efficiency.
- Audit Ready and Asset Optimized: The Solid Promise of an Intelligent Software Asset Management Solution In this paper Frost & Sullivan examines the benefits of enterprise-grade Software Asset Management solutions, and how these solutions serve as the convergence...
- LIVE EVENT: 5/7, The End of Data Protection As We Know It. Introducing a Next Generation Data Protection Architecture. Traditional backup is going away, but where does this leave end-users?
- On-demand webinar: "Mobility Mayhem: Balancing BYOD with Enterprise Security" Check out this on-demand webinar to hear Sophos senior security expert John Shier deep dive into how BYOD impacts your enterprise security strategy... All IT Outsourcing White Papers | Webcasts