Bank of America expects to grow its new Indian offshore development centre to 1500 staff within the next three years and has reserved adjacent land at the Hyderabad site for future development.
The new back office unit, dubbed Continuum Solutions, will open later this month. In February, the bank said it expected to employ 500 people at the site by the end of this year and up to 1000 by mid-2005.
Plans to further expand operations at Continuum were revealed in an interview given by Tim Arnoult, the bank's technology and operations executive, to local newspaper The Charlotte Observer.
He says that Continuum employees will initially work with corporate accounts drawn from London operations and later from the bank's offices worldwide.
In the interview, Arnoult says: "Our current thinking is that Continuum, if everything is successful, probably will top out around 1,500 people over about three years."