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.
- Silicon Valley's 19 Coolest Places to Work
- Is Windows 8 Development Worth the Trouble?
- 8 Books Every IT Leader Should Read This Year
- 10 Hot Hadoop Startups to Watch
- Slideshow: 7 security mistakes people make with their mobile device
- iOS vs. Android: Which is more secure?
- 11 sure signs you've been hacked
- Acxiom Case Study This case study, which focuses on Acxiom, explores how the company was able to secure employee data, reduce migration costs and boost productivity...
- Windows® XP Migration: Protect and Secure Critical Data With the end of the Microsoft Windows XP operating system's lifecycle on April 8, 2014, businesses are faced with the decision to migrate...
- Exponentially Accelerate Data Protection and Recovery with Simpana 10 IntelliSnap® Snapshot Management Technology Are you making the best use of your storage array snapshot functionality? CommVault Simpana 10 IntelliSnap technology manages hardware-based snapshots across multiple vendor...
- Simpana IntelliSnap Technology Datasheet With IntelliSnap you can maximize the value of your snapshot technology while dramatically reducing management overhead and complexity.
- Top 4 Digital Signage Fails Join RMG Networks for a look at four of the most common reasons digital signage fails in corporate businesses. Learn about strategies to...
- Building Tomorrow's Infrastructure Listen to this podcast to discover how Crider Foods worked with PC Connection to update their IT infrastructure, while maintaining compliance and control. All IT Outsourcing White Papers | Webcasts