Sources close to BofA technology teams have mentioned about a rumour that many tech employees based out of Dallas, Richmond, Concord and Wyndham data centers will be laid off within the next one year. Almost 20000 resources will be laid off and replaced by economical resources from vendor companies like IBM, Accenture, INFOSYS and TCS, the last two being Indian technology companies. Some of the vendor resources have already started coming into the payrolls of Bank of Americas supporting captive unit based out of India, thereby increasing the job opportunities out there without really violating any regulation on the offshore model.
The actual effect will actually be felt from next year, when a number of vendor resources will vanish from contractor roles/ migrate to India, thereby making jobs in US redundant.