According to reports in India's business newspapers, HSBC will increase the headcount at the software development center in Pune from 500 to 1,000.
The bank has been one of the early adopters of the offshore model, opting for the captive route of moving to low-cost countries but keeping the facilities in-house rather than hand it over to a third-party service provider. HSBC also has business process outsourcing centers in Bangalore and Hyderabad.
HSBC has publicly stated its intention to outsource 4,000 jobs to cheaper locations over the next two years and the bank admits it is also looking at Sri Lanka and the Philippines in addition to India. HSBC was contacted but no-one was immediately available for comment.