TCS sees recovery in global banking sector

TCS sees recovery in global banking sector

Kualalumpur: Tata Consultancy Services Ltd (TCS), India’s top IT services firm by sales, expects a recovery in the global banking sector to boost its revenues this year, its chief executive said on Tuesday.

S. Ramadorai said the company was seeing some signs of a recovery in the demand for outsourcing, especially from the banking, financial services and insurance sectors that account for 43% of its business.

“We see some signs of activity where businesses have reinvented themselves to reach out to customers, so that will definitely force a lot of IT options," Ramadorai told Reuters on the sidelines of an investment conference in the Malaysian capital.

“The (global banking and finance) industry is beginning to look at discretionary spend which was frozen completely after the crisis."

To meet the recovery in demand and tap future business growth in Asia-Pacific countries, Latin America and back home, TCS would be looking to hire 18,000 workers in the financial year ending March 2010, Ramadorai said.