CFS to double headcount
India is of strategic importance as an offshore destination in the overall reengineering strategy of financial products and services player Countrywide Financial Services.india Updated: Feb 20, 2006 02:36 IST
India is of strategic importance as an offshore destination in the overall reengineering strategy of financial products and services player Countrywide Financial Services. The company that is the largest mortgage-banking player in the US and manages assets worth $1 trillion globally, plans to shift about 10,000 jobs to offshore destinations by 2010.
Countrywide Financial Corporation plans to end 2006 with a total investment of about Rs 180 crore on infrastructure, network and recruiting resources in India through its subsidiary CFC India. The Indian subsidiary provides specialised BPO and IT services to Countrywide's US businesses. The financial major that set up its second facility in Mumbai on Tuesday, plans to add another facility in Hyderabad by 2006-end.
Speaking to the Hindustan Times, Countrywide Financial Corporation president & MD Tom Jones said, “We expect our headcount to grow from existing 1,800 to 3,500 by the end of this year. While we will have about 1,000 employees in Hyderabad, the rest will be positioned at the two facilities in Mumbai.”
The company already has a facility in Mumbai that operates mostly in the IT services space. The new facility will be the first campus to be dedicated to BPO segment. To begin with, the company is shifting its low-end functions like data entry, inbound and outbound voice processes, to India. “Higher-end processes and development will follow as we get a better grip over transition of the low-end processes.”
The company that has 56,000 employees in the US is in the process of optimising its cost structure to make their operations more competitive.