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Australian bank to offshore 400 IT jobs to India

July 10, 2008 11:39 IST

National Australia Bank is expected to send another 400 information technology jobs to India by the end of the year.

The bank has shortlisted technology companies Infosys [Get Quote] and Oracle to develop its billion-dollar, next-generation platform, which will form the key pillar in the bank's technology transformation plan, dubbed Program NEOS.

NAB chief information officer Michelle Tredenick told technology staff this week that it was ramping up its offshoring initiatives as part of Program NEOS, in an email quoted by The Australian.

"As we've indicated over the last few months we intend to progress our offshoring activity, and earlier this year we expanded our use of offshoring partners (Satyam [Get Quote] and Infosys)."

The "ITO wave one" program was announced in March. About 264 technology jobs were earmarked for transfer to technology outsourcers Satyam and Infosys by October.

The bank started the second round of its IT outsourcing program, "ITO wave two", and over the next six to eight weeks would examine offshoring up to 148 jobs from its technology and wealth management divisions.

About half of them are full-time jobs, with the rest being contractual.

The review will target Melbourne-based teams overseeing business and retail payments, Siebel finance and accounts services, and wealth management's Sydney-based mainframe team.

As part of the first wave, 100 positions were sent to India, between 10 and 15 staff have accepted redundancies and another 30 per cent have requested voluntary redundancy.

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