(1 May 2006 – India) ABN Amro is the latest financial services company to shift back office jobs to India, announcing it will cut 1,500 back office jobs worldwide and create 900 jobs in cheaper centres, primarily in India.The bank said the move was designed to slice EUR150 million in costs a year by 2008.
ABN Amro said the cuts will be made from transaction processing, clearing and settlement operations in the Netherlands, Brazil, the US and UK.
The bank said it would potentially move jobs to other low cost countries such as Poland, Brazil and China.
ABN Amro will also look to save EUR70 million in IT costs by 2008 by relocating its applications development operation to its existing Indian IT centre.