The major banks are looking to hire thousands more staff in Delhi and Bangalore in a shift away from relying on external IT suppliers like IBM and Infosys.
, Mohit Sharma, who formerly advised large organisations on outsourcing strategies, said the Australian banks were relatively late to the game in India, but that there was logic to NAB and CBA’s increasing investments.
“American Express and General Electric set up their captives in India in 1997 when labour arbitrage was more than 150 per cent, so NAB is only late by 25 years,” Mr Sharma said. ANZ staff lunching at the cafeteria in its Bangalore operations centre in India in June. CBA poached the former head of ANZ’s operations to build up operations there.“The labour arbitrage story is now over, as a Starbucks coffee in India is 60 per cent more expensive than Australia. This price difference in basic consumer items will be reflected in salary increases in the next three years, which could result in a negative business case for setting up captives,” he said.
, representing 20 per cent of its total workforce. Their jobs include processing mortgage applications, crunching data for the bank’s economics team and preparing reports for Australian regulators.Macquarie, operating in India since 2008, has a team of around 1800 people, also in Gurugram, and a smaller Mumbai office. They support the bank in areas including finance, risk, technology, equities and asset management.
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