JPMorgan Chase & Co. plans to increase its technology outsourcing to India and will manage the integration of systems from Washington Mutual Inc. and Bear Stearns Cos. in that country to bring down the cost of projects, the Economic Times of India reported.
JPMorgan Chase plans to increase its Indian outsourcing to nearly $400 million this year, the paper said Monday; the New York company currently outsources $250 million to $300 million to Cognizant, Tata Consultancy Services and Accenture Ltd.
In addition, JPMorgan Chase operates a data center in Mumbai.
The company famously reversed course on a $5 billion outsourcing project with International Business Machines Corp. and brought 4,000 technology jobs in-house after the 2004 acquisition of Bank One Corp.
But the Economic Times said Guy Chiarello, JPMorgan Chase's current chief information officer, is concerned about meeting cost-reduction goals. The paper did not identify its sources.
JPMorgan Chase did not make an executive available to discuss the matter before deadline on Thursday.