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Recently Lehman Brothers, the fourth largest investment firm in US filed for bankruptcy. The latest addition to it is the interest of Wipro Technologies, the Indian outsourcing giant and Copal Partners to bid for its Indian back-office unit.
This large US investment bank collapsed and has asked its 1,200 employees in a Mumbai unit. The Mumbai unit performs equity research and analytics support for its mergers and acquisitions business. The employees have been asked to leave by the end of September.
Copal Partners is a back-office financial research firm and has Citigroup, Deutsche Bank and Merrill Lynch in its clientele.
Certain sources cited that both Wipro and Copal were looking for optimal opportunities in financial business process outsourcing and the Lehman unit was a target.
With the news of Lehman Brothers collapsing, big IT firms are under pressure and tribulations. This has really a major setback to IT industry or in other words, US downturn is really panicking the IT world now.
Satinder Kaur/ITVoir Network |
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