Banking firms use outsourcing for cost savings

I felt surprised when I heard that now banks will also bank on outsourcing for cost reduction.

Large continental businesses are actively adopting outsourcing, and even offshoring, to cut down on their costs. After adopting this policy some 2,400 of the bank’s clearing and processing jobs in the UK, Netherlands, US and Brazil have disappeared. This is a major feature of the restructuring taking place in the large banks.

Well, if this is the case then can the outsourcing countries expect bigger contracts and more employment generation?