Financial-services giant TIAA-CREF said it plans to relocate some processing functions overseas in a move that could affect some positions at its Denver offices, where it employs about 1,400.
The firm is “entering a partnership with a company in India that specializes in a wide range of IT services and outsourcing,” said a company statement Friday. “Our goal over the next few years is to transition certain non-client-facing processing activities offshore.”
The company’s goal “is to effect this transition through normal attrition,” the statement added.
KUSA-Channel 9 reported Saturday that the move could affect about 70 Denver jobs.
Spokeswoman Jennifer Compton said Friday that TIAA-CREF has a “strong” commitment to its Denver office, one of its largest, and that no layoffs are currently planned here.
New York-based TIAA-CREF (Teachers Insurance and Annuity Association – College Retirement Equities Fund) was founded in 1918. Today it mostly serves employees in higher education and nonprofits. It has $400 billion in assets.