India’s trio of major outsourcing vendors Tata Consultancy Services (TCS), Infosys and Wipro are likely to bag outsourcing projects worth $1 billion in two years, as the American economy has started recovering, reports the Economic Times.
Many U.S. firms have started seeking operational efficiencies by outsourcing non-core IT and back-office projects in India. Several banks, including Goldman Sachs, JP Morgan, Morgan Stanley, American Express, Bank of New York, besides Mellon and Capital deferred their outsourcing decisions, as they had to cope with funding related to the Troubled Asset Relief Program (TARP) and internal-restructuring processes.
Andy Efstathiou, director of banking sourcing practice at the research and consulting firm Nelson Hall, said that American banks were increasing their outsourcing. He reportedly said that since the global crisis began, the contracts were put on hold, but it was changing now. He added that the fourth quarter of this year was shaping to be 20% plus over the fourth quarter of last year.
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