Bank of America to Onshore Some Tech Jobs
Bank of America plans to return some software projects to the U.S. after initially hiring them out to offshore firms. The projects will be done by some combination of BofA staff and outside vendors. However, it's worth noting that some of those vendors will be U.S. operations of Tata Consultancy Services and Infosys, the same firms who've been handling the work overseas. The Indian business newspaper Mint says the move is intended to tamp down criticism of the company for sending work offshore, though rising Indian labor and infrastructure costs are playing a part as well. “There’s a growing feeling that not all work should be moved offshore," one unnamed source told the newspaper. "Many companies are starting to believe that not all work should be going to a talent factory.” Last year, General Motors began a program to insource nearly all of its technology work. There's no indication that BofA will follow a similar course. However Ben Trowbridge, chief executive of outsourcing advisory firm Alsbridge Inc., noted that the financial services company has been advertising to hire more technology professionals within the United States.