Wednesday, February 18, 2004

Banks outsource, Ameridiots foam

... two-thirds of U.S. Banks outsource work to developing, low-cost countries such as India, China and Russia.

In Europe, HSBC, ABN AMRO and Deutsche Bank have been among the companies to shift work overseas. Western banks have outsourced IT work, human resources work, securities back office processing and some research.

The BofA CEO responds: 'Given the choice between hiring American functional illiterates for $60K or a Hindu with real English skills for half that, it was a no-brainer (no pun intended).'

No comments: