HSBC Outsourcing to save $1 Billion, may damage consumer protection
May 17, 2005 — The Financial Services Authority (FSA) has warned that offshore outsourcing can damage market confidence and consumer protection and hinder the ability to reduce financial crime. In a report published last week, the regulator says businesses that use offshore companies can struggle with the complexity of achieving suitable management and control from a distance. “In March, HSBC announced plans to nearly double its offshore back-office workforce to 25,000, as part of a program to cut more than US$1 billion in costs from its operations” said US consumer advocacy organization Household - HSBC Watch.
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