Big banks and accounting firms do most of their business in New York, London, Hong Kong and Tokyo. But they wouldn’t be able to function without their back offices, many of which are located in India.
Financial services firms have outsourced a huge number of information technology and operations jobs to India in recent decades, attracted by an educated workforce and cheaper labor costs.
Almost 4.4 million people in the country are employed in IT and business process management, according to the National Association of Software and Service Companies, a trade body.
In order to keep their operations online, banks are shifting work to other countries, encouraging staff to work from home and extending project deadlines.
Indian companies that provide services to Wall Street are taking additional steps to protect workers in cities such as Bangalore, Pune, Hyderabad and Delhi, in some cases establishing Covid care centers for employees and their families.