Over the next five years, 500,000 jobs at American financial services firms will move overseas, according to a study by A.T. Kearney. Eight percent of the workforce will lose their jobs to offshore locations at mutual funds, banks, brokerages and insurers. Companies anticipate saving $30 billion annually as job relocations begin to involve increasingly sophisticated positions within companies.
"Any function that does not require face-to-face contact is now perceived as a candidate for offshore relocation. The debate at major financial services companies today is no longer whether to relocate some business functions, but rather which ones and where," said Andrea Bierce, managing director at A.T. Kearney.