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Already, hundreds of jobs have been lost following the downsizing of operations and closing down of back offices in India — the toll of the collapse of Lehman is reportedly about 2,200 jobs. Several other global financial services companies too have been forced to cut the strength of the back office operations in India, laying off people across various functions as their incomes were hurt by the crash of the stock markets. Software majors such as TCS, Infosys, Wipro and Satyam that earn a significant portion of their revenues from the banking, financial services and insurance (BFSI) sector would need to be prepared for loss of business...
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