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The link in your earlier post seems dead, but if we're talking about Nordea specifically (coincidentally, I have worked there many years ago), partial IT outsourcing has always been an option, it has had thousands of external IT consultants, it has used a number of core systems from external vendors in its many banks (in such multinational organizations it's often not that simple to draw boundaries where a department or region or acquisition is often doing things differently with different systems or processes), it had a very large strategic outsourcing deal to IBM in 2017-2019ish, etc.

If you're extremely skeptical that the Swedish government would be OK with handing over the keys to their economic kingdom to cheap digital labor abroad so a company might save some money, then you need to re-evaluate your mental model, because that is definitely happening in reality. They may impose some legal limitations - the exact same limitations as towards any other bank - but they generally act as a normal minority shareholder, demanding the company to be cost-efficient and maximizing profit even if it means outsourcing and offshoring.



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