Bank of America is moving part of its business overseas to India as the mega bank aims to rebuild its mortgage business, while cutting costs, Bloomberg reported.
The new office is located in Bangalore. The local workers will be given a checklist to determine if appraisals are complete.
However, Bank of America (BAC) is not the only lender trying to cut costs, with banks like Goldman Sachs Group Inc. (GS) also growing its headcount in Bangalore, Bloomberg pointed out.
