... 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.
http://www.expressindia.com/fullstory.php?newsid=28570
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).'
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