Latest Outsourcing News: Finextra Research

Citi in talks to sell IT assets - Economic Times

Citibank is currently in discussions with Indian IT firms Tata Consultancy Services (TCS) and Wipro, among others, to sell some of its internal IT platforms, according to local press reports.

23 June 2009

News/Outsourcing

Global Payments acquires remaining 49% stake in HSBC Merchant Services JV

US transaction processor Global Payments has acquired the remaining 49% interest in its merchant services joint venture in the United Kingdom from HSBC Bank for $307.7 million in cash.

12 June 2009

News/Outsourcing

Capita acquires Capmark's European financial services units

UK outsourcer The Capita Group has acquired the European loan, asset management and commercial mortgage backed securities (CMBS) administration services of US-based Capmark Financial Group for a cash consideration of approximately £10 million.

05 June 2009

News/Outsourcing

Tieto axes 220 Finnish staff; lays off another 1500 temporarily

Troubled Scandinavian IT services vendor Tieto is cutting 220 jobs in Finland and temporarily laying off a further 1500 staff in the country as it looks to slash costs.

29 May 2009

News/Outsourcing

Experts gather to debate trends in capital markets, payments and IT outsourcing

Finexpo - Outsourcing Strategies on 4 June in London will feature keynote presentations from Société Générale and IBM. It will also feature panel discussions covering: cost reduction, creating strategic value, and managing outsourcing models, risks and locations; and outsourcing trends in global transaction banking.

26 May 2009

News/Outsourcing

Kas Bank outsources mainframe services to Atos Origin

Netherlands-based wholesale securities specialist Kas Bank has inked a two and a half year contract with Atos Origin for the outsourcing of mainframe services.

19 May 2009

News/Outsourcing

Xchanging to acquire DAB bank funds administration unit

UK-based BPO outfit Xchanging is to acquire the investment funds administration business of DAB bank for a total consideration of up to EUR21.4 million.

13 May 2009

News/Outsourcing

Credit Suisse to open second Indian back office

Credit Suisse plans to set up a second 'centre of excellence' in India and hire 350 staff by 2010, as it continues to offshore more jobs to cheaper locations.

22 April 2009

News/Outsourcing

CBA inks A$1bn telecomms deal with Telstra

Commonwealth Bank of Australia (CBA) has awarded Telstra a 10 year, A$1 billion managed services contract as it prepares for a major telecommunications network upgrade.

22 April 2009

News/Outsourcing

EDB to axe jobs in NOK400m cost cutting programme

After reporting disappointing first quarter financial results, Nordic IT services group EDB Business Partner has outlined plans to axe up to 150 jobs as part of a NOK400 million cost cutting programme.

21 April 2009

News/Outsourcing

National Bank Financial renews IBM IT management deal

Canada's National Bank Financial Group has agreed a seven year extension, worth C$450 million, to its IT infrastructure management deal with IBM.

16 April 2009

News/Outsourcing

Tech Mahindra wins Satyam bid

Tech Mahindra, an Indian IT firm part owned by BT, has won the bidding to buy a 51% stake in fraud-hit Satyam Computer Services for around $579 million.

14 April 2009

News/Outsourcing

B&B outsources credit risk to Euristix

State-owned Bradford & Bingley (B&B) has outsourced its credit risk management to London-based consultancy Euristix as it winds down its mortgage business.

08 April 2009

News/Outsourcing

Tieto outline another 620 job cuts

Just months after outlining plans to axe 350 jobs, recession hit Scandinavian IT services vendor Tieto says it has begun the process of cutting a further 620 positions.

07 April 2009

News/Outsourcing

Thomson Reuters wins multi-million dollar Manulife outsourcing deal

Thomson Reuters has inked a multi-million dollar investment management outsourcing support deal with Canada's Manulife Financial Corporation (MFC).

30 March 2009

News/Outsourcing

Finextra opens registration for Finexpo - Outsourcing Strategies

Finextra has opened registration for a one-day conference on 4 June that will look at how the ongoing financial crisis is affecting the globalisation of business models, organisational structure, technology and operations in banking and financial markets.

27 March 2009

News/Outsourcing

SmartStream unveils new CEO, launches on-demand recs service

Philippe Chambadal, head of DIFC Investment's acquisition vehicle DClear, has taken the reins at SmartStream after Ken Archer stepped down in February. DClear became SmartStream's parent company in November 2007 when DIFC stepped in to acquire the vendor after its aborted IPO. Chambadal's first major task as CEO has been overseeing the development and launch of a software-as-a-service (SaaS)-based delivery model for the company's TLM Reconciliations product.

25 March 2009

News/Outsourcing

Banco Santander awards Accenture EUR100m integration contract

Spain's Banco Santander has inked a two-year, EUR100 million deal with technology consultancy Accenture as it looks to integrate the various IT systems recently inherited through a spate of acquisitions.

25 March 2009

News/Outsourcing

HP reports $50m Shinhan Bank deal

Hewlett Packard (HP) has signed a $50 million technology contract with Korea's Shinhan that will involve the sale and leaseback of the bank's IT assets.

24 March 2009

News/Outsourcing

Unisys wins BMO Financial Group server systems deal

Canada's BMO Financial Group has awarded Unisys a four year contract for the provision of mainframe-class server systems and related support services.

24 March 2009