Wachovia, Outsourcing, Offshoring, India
Wachovia expects savings up to 30 percent by moving work to India
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Wachovia Corp. expects to generate savings of up to 30 percent by moving some of its technology work to India, chief information officer Martin Davis said.
Besides cutting costs, the offshoring initiative "can give us improved process quality and additional capacity for us to get more work done to support our lines of business," he said Thursday.The Charlotte-based bank told about 3,000 technology employees this week it will outsource some technology work to India through as many as three outside companies. The move will result in an unspecified number of job cuts among its 93,600 employees.
Wachovia officials plan to look for jobs within the company for laid-off workers and help with job searches and other placement services for those unable to stay with the bank, Davis said.
On Tuesday, Wachovia said it had narrowed its list of potential offshoring partners to India-based Infosys and two domestic companies, IBM Corp. and Cognizant. The work will be done in India, a bank spokeswoman said.
Offshoring technology operations has become more common in the financial services industry, which in turn has caused worries about the loss of more U.S. white-collar jobs.
In January, the bank said it was considering outsourcing and offshoring as part of an efficiency initiative to trim annual costs by $1 billion by 2007. The plan, which includes other cost-cutting moves, will eliminate up to 4,000 jobs.
Davis said he expects savings "in the 25 to 30 percent range."
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