HSBC to Double Offshore Jobs

Global banking giant HSBC plans to shift a large number of Western clerical and call-center operations to lower-cost areas, according to a top executive. In the next three years, HSBC may employ as many as 25,000 workers in Asia, offshoring thousands of jobs in a move that would save the company over US$1 billion. Though outsourcing has raised many eyebrows among skeptics – US and European trade unions decry the practice for job loss and reduced wages – Chief Operating Officer Alan Jebson suggested that criticism hails mostly from Western media outlets and politicians. Said Jebson, "In the end, it would take a reaction from customers, and we have not had a significant adverse reaction from customers. Politicians and media can do their worst, but in the end it's the customers that matter." – YaleGlobal