Major banks and accounting firms do most of their business in New York, London, Hong Kong and Tokyo. But they couldn’t function without their back offices, many of which are located in India.
Financial services firms have outsourced a large number of IT and operations jobs to India over the past decades, attracted by an educated workforce and lower labor costs. Dear.
Nearly 4.4 million people nationwide are employed in IT and business process management, according to the National Association of Software and Services Companies, a professional body.
In order to keep their operations online, banks are relocating work to other countries, encouraging staff to work from home and extending project deadlines.
Indian companies providing services on Wall Street are taking further steps to protect workers in cities such as Bangalore, Pune, Hyderabad and Delhi, in some cases establishing Covid care centers for employees and their families.
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