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Wachovia Turns to Outsourcing to Cut Costs

Computerworld, 2005-07, Vol.39 (27), p.1

Copyright Computerworld Inc. Jul 4, 2005 ;ISSN: 0010-4841 ;CODEN: CMPWAB

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  • Title:
    Wachovia Turns to Outsourcing to Cut Costs
  • Author: Hoffman, Thomas
  • Subjects: Banks ; Cost control ; Information technology ; Outsourcing
  • Is Part Of: Computerworld, 2005-07, Vol.39 (27), p.1
  • Description: Wachovia Corp. is planning to outsource support for dozens of back-office applications to three global IT services vendors in a move that's expected to help the nation's fourth-largest bank reduce its application support costs by up to 20%. Bill Bradway, an analyst at IDC's Financial Insights division in Framingham, Mass., estimated that Wachovia could generate $40 million to $50 million in annual cost savings if 450 of its full-time and contract programmers were displaced. The Charlotte-based bank, which shared its outsourcing plans with employees the week of June 20, has taken a course that maps with those of other large banks, such as ABN Amro Bank NV. By outsourcing application support to global services firms with regional capabilities in, say, the Far East and Eastern Europe, Wachovia and other banks can quite easily compress the time it takes to deliver support requirements, he noted.
  • Publisher: Framingham: IDG Communications, Inc
  • Language: English
  • Identifier: ISSN: 0010-4841
    CODEN: CMPWAB
  • Source: Alma/SFX Local Collection
    ProQuest Central
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