Diverse insourcing and outsourcing initiatives are ultimately benefiting the US economy, despite fears that jobs are being lost to oversees projects, according to research from TowerGroup. The firm estimated that in 2003, US financial services institutions imported $1bn in software application developments from offshore locations, with another $0.3bn in IT services. ‘However, all of these offshore sourcing revenues are offset considerably by US financial services exports of roughly $200bn sold annually to international markets,’ explained Virginia Garcia, Senior Analyst in the Financial Services Strategies & IT Investments practice. ‘Moreover, TowerGroup estimates that global sourcing resulted in $1.2bn in operational efficiencies last year, with an additional $0.4bn in capital freed for innovation,’ she added. The company believes that a healthy portion of that money went to US vendors and will fund the much-needed innovation to drive international business. ‘In the end, it pays to join the global village,’ said Garcia.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.