Charlotte banks seek savings offshore

Miami.com
How much of a bank's work force can be sent overseas?
These days, more and more. You might not notice the shift because financial firms aren't getting rid of face-to-face workers such as tellers. But increasingly, they're tapping support and technology staff in low-wage countries, from computer programmers to financial analysts. In fact, the financial services sector is one of the more aggressive in offshore outsourcing. A new report predicts the industry will move more than 20 percent of its costs offshore by 2010, up from less than 10 percent in 2006. That could mean the shift of 2 million jobs to low-cost countries such as India from the U.S., Europe and Asia by 2010, according to consulting firm Deloitte Touche Tohmatsu. Charlotte's banks exemplify the ramp-up. Starting with technology work in 2002, Bank of America Corp. now has 1,500 employees in India, handling tasks from computer work to market research. The bank said last week it plans to grow there. more...