5.11.2004

Bank of America expands outsourcing The Boston Globe (5/10)

Bank of America Corp. may hire 1,500 people at its subsidiary after it opens in southern India this month, 50 percent more than previously disclosed, and the bank has reserved land that would allow for even more expansion.

Late last year, the bank said it eventually expected to have 1,000 people at its Continuum Solutions subsidiary in the software hub city of Hyderabad, but wouldn't give specifics about work intended for the center.

[snip]

Arnoult acknowledged that Continuum will displace workers throughout the bank's operations, but he couldn't say how many or from which offices. The bank also has not said how much it expects to save with the move.

Those job losses come as workers worry about the additional 12,500 job cuts the bank plans over two years as part of its FleetBoston acquisition. The bank also will continue outsourcing software work to firms in India, a move employees have blamed for job losses.

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