100,000 financial services jobs could be lost to offshore outsourcing

25 November 2003
Even banks and financial services companies are having to cut costs in the current economic climate, and predictions point to more and more UK jobs being moved overseas to reduce spending.

India and China are the favoured locations, where highly skilled staff are available at much lower then Western rates.

Andrew Stewart, managing director of industry consultant Troika, told the Scotsman newspaper that 20,000 UK banking jobs have already gone abroad - around 5 per cent of the industry's total back office staff numbers.

Mr Stewart also warned that at least 40,000 jobs in the life and pensions and general insurance industries, and 60,000 in banking, are likely to migrate in the next five to seven years.