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Reshoring Update: Bank of America Moves IT Jobs Back to U.S.

May 5, 2013 6:48pm (EDT)
Bank of America Joins the Reshoring Trend & Moves Jobs Back to the U.S.
Bank of America Joins the Reshoring Trend & Moves Jobs Back to the U.S.

Bank of America is joining other major U.S. corporations, General Motors & American Express, in moving Information Technology jobs back to the United States from India.

India based business website Livemint.com reports, Bank of America, which has given contracts worth millions of dollars to companies such as Tata Consultancy Services Ltd (TCS) and Infosys Ltd—India’s top two software exporters—as well as Accenture Plc, will bring back some of its information technology (IT) projects to service providers in the US or to their own centres, according to at least two people familiar with the development, who requested anonymity.

The move comes at a time when North American and European clients of India’s $108 billion IT industry are cutting spending on technology because of economic headwinds. For the year ended 31 March, Indian software exports revenue grew by 10.2%—the slowest since the Lehman Brothers collapse in 2008 triggered a global financial meltdown.

For more information on a career with Bank of America click HERE

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