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Study: Financial services giants to outsource more

Research analysts with TowerGroup say the top 15 financial services firms will escalate outsourcing from $1.6 billion in spending this year to nearly $4 billion by 2008.

Outsourcing is on the rise in the financial services industry, according to research firm TowerGroup. The researcher estimates that the top 15 global financial services companies will increase their outsourcing of information technology projects from a value of $1.6 billion this year to $3.89 billion in 2008, an increase of 34 percent annually.

Most of those companies are already outsourcing some parts of their IT efforts overseas, often through specialists in the business, but many are opting for more control over the work by running their own operations in such places as India and China. Despite the heated political debate in the United States about offshore outsourcing, TowerGroup says that the job shift can help free companies from maintenance IT work to better address the backlog of IT projects that could give them a competitive edge.