Malaysia Gains from HSBC Jobs Shift

HSBC is the latest in a series of financial institutions that are moving certain functions out of the US and UK and into areas that provide cheaper labor. Malaysia and India have become some of the most attractive relocation sites, given the preponderance of English speakers. Banks, as well as other businesses, are eager to cut costs by moving "call center" and "backroom processing" jobs to areas with lower wages. HSBC will likely be shifting some high-technology jobs as well, which will benefit Malaysia's growing middle class. Outsourcing has met with some resistance in home office locations, however, and the financial workers' union in the UK is saying it will fight HSBC's new work relocation plan to try to save British jobs. – YaleGlobal