In the unwillingness of Swiss investment bank, Credit Suisse to confirm the move of 1,000 British and American jobs to India later this year, it is a sign that even after 3-years of an outsourcing boom, western businesses are still charily wary about announcing plans to off-shore / outsource operations to India.
In yet, another morale boosting vote of commercial confidence in India’s huge pool of educated English speaking workforce, the 1,000 technical jobs coming to India are expected to be filled mainly by Indian graduates.
As the Swiss investment bank amongst others, joins the exodus to the sub-continent, the move is bound to excite and swell European emotions of economic patriotism, even as they are responding with a churlish lack of fair play to Lakshmi Mittal’s bid for Arcelor.
The British press reports that the Swiss investment firm has all but decided to cut costs, by booking A Passage to India. Previously, the Swiss Bank had off-shored jobs to Asia, more specifically to Singapore, but financial results show the net profit of Swiss franc 1.1-billion has been viewed at the lower end of analyst expectations.
Refusing to comment of any specific plans for India, a Credit Suisse spokesperson said: “Credit Suisse operates in a highly competitive industry. As part of our commitment to our clients and shareholders, we constantly explore new innovative sourcing opportunities through the Bank. We review opportunities, particularly those that will allow us to continue to provide superior service to our clients, while driving cost savings for our shareholders.” She further declined to confirm whispers that said the bank was masterminding the move to India as a part of its wider strategy to weld together, investment banking and wealth management.
Business experts believe big western companies continue to show a reluctance to confirm off-shore / outsourcing drives to India, due to the sensitive issues that surround the trend. A financial services source states: “The trade unions still get agitated, governments come under pressure, the media whips up emotions.” and, that is why any move to off-shore / outsource to India is kept under wraps until the move has been effected, too late for trade unions to rake up trouble and media to whip up emotions of anger.
Though that is the case, India continues to rejoice, as with shareholders in mind, western businesses continue to move operations to the sub-continent for top quality work that allows them to net mega profits. India instead of Singapore once again, is relevant as Credit Suisse did not make the profits it was looking for in its Singapore operations. Someone else’s loss is India’s gain!
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