Indian outsourcing outshone world in pandemic; BofA added 3k jobs: Official

Bank of America (BofA) has added around 3,000 more jobs in India during the pandemic, and the country has outshone the world because of its ability to thrive in chaos, a top official said.

The pandemic presented a chance to take leadership roles, as there were no business continuity plans (BCP) prepared for a scenario where the entire world gets locked in, the US-headquartered financial institution's country head for India, Kaku Nakhate said speaking at an event hosted by CII.

I think in this COVID time, we have been able to add around 3,000 jobs in India. We have taken a lot more work in India, Nakhate said, adding other multinationals have also witnessed similar additions in jobs.

She cited the jump in retail and small business loans it has done in its home market of the US during the pandemic, pointing out that some of those loads have come into India.

It can be noted that typically, a lot of multinationals deploy staff in India to carry out critical back-office work on processes from India because of the cost advantage.

India outshone many of the other countriesIndians can thrive in chaos and I think this is the first time in the world where everybody had to thrive in chaos, processes had to be invented and I think that is where (India outshone), Nakhate said.

The bank is reported to have 23,000 people working out of what it calls global business centres Mumbai, Hyderabad, Gurugram and Chennai, and has also opened an office in the GIFT City, to carry out activities for its worldwide operations.

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