[xrp]

I bet Bank of NY customers feel safe knowing some IT functions are being handled by unknown people in India. This could involve access to customer databases, financials, etc...

[hobson]

No customer databases are involved: "The jobs are in the bank's Pershing securities clearing business, which it bought from Credit Suisse First Boston last year"

[CasearianDaoist]

They are mostly a commercial bank, the division that they are talking about handles sercurities business with large firms. Traditional personal banking at BONY was of the "high net worth" sort, though in the last few year they have tried to push more into the retail market.

The people being outsourced are computer programmers. If this trend continues it means that the Banks in NYC will just be employing MBA types from the elite schools. There will be no entry level jobs that might lead up the ladder that are available to anyone else. They have resently been converting to CMM types of technology management and are actually going for Level 2 certification. For those of you that do not know this, CMM methodologies are used by the big Indian Tech outsourcers (Wipro, Infosys, etc.) Others are following BONY down this path. BONY has been known to be a bit stodgy. If they are outsourcing one can just imagine what else is going on out there.

This will pose a real crisis for NYC down the line as the economy here is much less diversified than it use to be. Wall St. is one of the few games in town. With the incredible local infaltion and tax rises around here, There will be a crisis soon enough.

The econmoy growth has been something like 0.3% since 911. NYC is in trouble.