By 2006 London-based multinational bank HSBC - which has a presence in 82 countries and made a profit of $12 billion last year - will have outsourced 7,000 jobs from the UK to back office processing and call centres, mainly in India. The move is entirely cost driven, said UNIFI’s Rob O’Neil.

As many as five million jobs - including IT, finance and back office processing - are predicted to migrate from the USA and Europe over the next few years to India, the Philippines, China and elsewhere.

“Mobility for capital, insecurity for labour,” was how Professor Rene Ofreneo, of the University of the Philippines, described the outsourcing boom.

HSBC North America ranks 10th nationally among financial services companies. The North American operation alone has about $300 billion in assets and 53,000 employees. A percentage of jobs relocating off shore is not currently available.

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