Outsourcing: It Isn't Just for IT Jobs Anymore
August 12, 2008
If your job in any way involves generating paper, network packets, and talk, you are at risk of having it outsourced overseas. Because outsourcing isn't just for IT anymore:
Wall Street's losses are fast becoming India's gain. After outsourcing much of their back-office work to India, banks are now exporting data-intensive jobs from higher up the food chain to cities that cost less than New York, London and Hong Kong, either at their own offices or to third parties.
Bank executives call this shift "knowledge process outsourcing," "off-shoring" or "high-value outsourcing." It is affecting just about everyone, including Goldman Sachs, Morgan Stanley, JPMorgan, Credit Suisse and Citibank -- to name a few.