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New delhi, April 23: British banking giant Barclays' plan to shift thousands of jobs to low-cost India is the latest in a series of such decisions by European and American banks that are expected to hire more than 50,000 professionals in the country over the next three years.
The combined headcount of ABN Amro and UK's Barclays PLC is set to expand by up to 10,000 employees in India following the 91 billion dollar takeover of the Dutch banking major.
Together with Barclays-ABN Amro, about a half a dozen foreign banks such as Citigroup, HSBC and Standard Chartered could hire over 50,0000 employees in India in the next three years. These would be across various operations, including back-end jobs, to be moved from high-cost developed countries.
Seeking to expand their presence in the world's second-fastest growing major economy and benefit from low-cost opportunities in IT enabled back-end operations, foreign banks are increasingly going bullish with their headcount expansion plans in India, an industry observer said.
Originally posted by nerbot
I presume these will all be telephone and admin positions etc.
Can't stand it. I closed my UK account because I got fed up with dealing with children, machines, and anonymous voices. :bnghd:
Keep it under the matress.
Originally posted by IAF101
Sending jobs that arent economically feasible in the US to other low wage countries makes sense. Not only to the corporations but also to the local populace. It helps transfer all the stagnant and other menial tasks to mass labor nations and helps keep and attract high technology and specialized jobs in the country, saving money and also improving performance. Plus in the long run, it forces the local population to reach a much higher standard to sustain themselves, reforming society in the process.