US FIs plan to outsource more to India, China

US FIs plan to outsource more to India, China
S Rajagopalan
Washington, April 14

America's top 15 global financial institutions are planning a big push to outsourcing of IT work over the next four years to countries like India and China -- from $1.6 billion in 2004 to nearly $3.9 billion by 2008, signifying a 34 per cent growth in volume annually.

The projection has been made in a new study by TowerGroup -- the Massachusetts-based research firm that specialises on the financial services sector.

"The current smouldering political discussion does nothing to diminish the fact that offshore outsourcing, if executed properly, makes good business sense," says Virginia Garcia, TowerGroup's senior analyst.

US companies are already reaping the benefits from outsourcing IT and business processes to overseas captive sites and third party providers.

more here
http://www.hindustantimes.com/news/181_683557,0003.htm

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discussing this with Gregory Mankiw - he thinks "outsourcing is good for the US economy"

:puke:

n/t

.. With all that's going on in the world. For some reason, I am completely and utterly enraged by this. It's a culmination of years of watching corporations use and discard employees like soiled tissues. Remember loyalty? Remember when it was bilateral? Remember when employees were expected to be good little employees, and the companies used to treat them with respect?? THEN.. the stock market became God. Everything suddenly revolved around the stock market. Everything revolved around making the top cat shareholders richer than they could even dream of.

Increased productivity in the US? It's simply less people doing more work, for less money. It's a bigger return on the investment of the wealthy. Outsourcing jobs like this is just completely evil. Oh.. yes.. the bastards can make even MORE money for their stockholders and themselves, but at what cost? What human cost?

Kerry needs to address this early and often and loudly!! We are turning our country into a playground for the richest families, the rest of us will only work to SERVE these people.. because you can't have a waitress in India serve your food in Manhattan. :grr:

TowerGroup's senior analyst, should hear:

You've been outsourced ... bye bye ...

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Now Bush is outsourcing leadership to Ariel Sharon as well as Wolfowitz and the rest of the boys.