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Thomson Reuters shifts 400 jobs to India's biggest IT firm

Saturday 8 March 2014

Thomson Reuters will outsource some of its information technology services in Bangalore as it seeks ways to cut costs at a time when its bank clients in Europe and Asia are reducing spending, The Economic Times reported on Friday.

Some 400 back-office staff will transfer to India's largest software services company, Tata Consultancy Services.

Three people close to the transaction told the newspaper about the move but did not disclose financial terms. “Thomson Reuters is routinely looking at ways to run our global business operations more efficiently and effectively,” a Thomson Reuters spokeswoman said. “This disciplined approach sometimes includes the need to make personnel, or other, changes which allow us to focus on what we do well and balance our internal resources with the needs of our customers in a highly competitive environment.” A TCS spokesman declined to comment.

The Economic Times, published by The Times of India, said the deal signals the growing appetite for companies, especially in the financial services space, to outsource captive processes. ■

SOURCE
The Economic Times