Latest Outsourcing News: Finextra Research

Barclays to bring IT back inhouse as Accenture outsourcing deal expires

Barclays has decided not to renew a six-year, £400 million IT outsourcing contract with Accenture when it expires in June, taking the work back in-house.

11 January 2010

News/Outsourcing

BNY Mellon Asset Servicing establishes outsourcing group

The Bank of New York Mellon's asset servicing division has set up a dedicated global outsourcing group led by Lou Maiuri, CEO and chairman of Eagle Investment Systems.

15 December 2009

News/Outsourcing

State Street to acquire Mourant fund admin business

State Street is expanding its global fund administration and alternative servicing capabilities with an agreement to acquire Jersey-based Mourant International Finance Administration (MIFA) in a cash transaction. Terms of the deal, which is expected to close in Q1 2010, were not disclosed.

01 December 2009

News/Outsourcing

Credit Agricole and Equens in payment processing 'merger' talks

France's Credit Agricole has signed an agreement to "explore the possibility" of merging its card and payment processing operations with Equens.

25 November 2009

News/Outsourcing

More jobs to go at Lloyds as Equitable Life shifts business to HCL

More jobs are set to go at Lloyds as UK insurance house Equitable Life announces plans to transfer its outsourced policy administration business from the UK banking group to Indian IT firm HCL.

23 November 2009

News/Outsourcing

Samlink signs EUR55 million IT services deal with IBM

IBM has signed a seven-year, EUR55 million strategic outsourcing agreement with Finnish IT banking service provider Samlink.

17 November 2009

News/Outsourcing

Union calls on UK Border Agency to investigate Lloyds' use of Indian IT contractors

Lloyds Banking Group Union (LTU) is calling on the UK's Border Authorities to investigate the bank's use of Indian IT contractors on homegrown projects.

12 November 2009

News/Outsourcing

Firstsource stakeholders look to sell up - Reuters

ICICI Bank, US technology group Metavante and Singapore state investor Temasek have revived plans to sell their stakes in Indian BPO venture Firstsource, according to Reuters.

09 November 2009

News/Outsourcing

IBM looks on as Westpac's Kelly says mega outsourcing trend is shifting

Westpac CEO Gail Kelly has broadly hinted that the bank is unlikely to renew its decade-long IT outsourcing deal with IBM, as banks move away from all-in-one mega deals to more tactical best-of-breed outsourcing arrangements.

05 November 2009

News/Outsourcing

Penson buys Broadridge clearing contracts; outsources tech services

Penson Worldwide has entered into a deal to buy the clearing contracts of Broadridge Financial Solutions' Ridge business for up to $70 million and then outsource some technology and processing services to the seller.

03 November 2009

News/Outsourcing

Saxo Bank acquires stake in offshore IT house Initto

Online financial services firm Saxo Bank has acquired a 40% stake in Danish offshore software and IT service provider Initto.

02 November 2009

News/Outsourcing

Lloyds TSB, Barclays and HSBC extend UK cheque processing outsourcing deals

Lloyds TSB, Barclays and HSBC have signed five year outsourcing contract extensions worth a total of £315 million with the UK cheque and payments processing joint venture they jointly own with IT firm Unisys.

27 October 2009

News/Outsourcing

Bank of Tokyo-Mitsubishi UFJ adopts IBM desktop cloud service

Japan's Bank of Tokyo-Mitsubishi UFJ has signed for IBM's smart business desktop cloud service.

23 October 2009

News/Outsourcing

UBS agrees sale of Indian BPO unit to Cognizant

UBS has agreed to sell its Indian business processing outsourcing unit to Cognizant in a deal that also sees the Swiss bank and vendor sign a multi-year services contract. Financial terms were not disclosed.

15 October 2009

News/Outsourcing

IBM wins $157m Korea Investment & Securities outsourcing deal

Korea Investment & Securities (KIS) has inked a 10 year, $157 million, information technology outsourcing agreement with IBM.

14 October 2009

News/Outsourcing

IBM to buy Bank of America mortgage servicing unit

IBM has signed a deal to buy the core operating assets of Bank of America's mortgage servicing unit Wilshire Credit Corporation. Financial terms of the deal were not disclosed.

06 October 2009

News/Outsourcing

Zurich Financial and CSC enter talks on $2.4 billion IT services deal

Zurich Financial Services has entered into exclusive negotiations with CSC for an estimated $2.4 billion ten-year IT services deal covering Europe and North America.

24 September 2009

News/Outsourcing

Citi, UBS and Deutsche Bank fined over outsourced IPO communications

Citi, UBS and Deutsche Bank have been fined a total of $425,000 by US regulators and ordered to pay customers up to $420,000 for failing to supervise communications related to the 2006 initial public offering of Vonage Holdings.

22 September 2009

News/Outsourcing

BNP Paribas prime brokerage unit sells colocation business to Options IT

BNP Paribas' prime brokerage division has sold its hedge fund outsource technology business to vendor Options IT. Financial terms of the deal were not disclosed.

21 September 2009

News/Outsourcing

Transaction bankers embrace co-operation

The future of transaction banking lies in greater collaboration between banks and a greater adoption of outsourcing. This was the main point delivered at a keynote debate at this Sibos, the annual user conference of banking co-operative Swift.

17 September 2009