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Majority of that expense will be on the Indian outsourcing companies (e.g. TCS, Infosys, etc.) who manage their IT platforms - these contracts run into few hundred million dollars every year


100% can be right, all the big tech firms have massive amounts of contract employees, easy to get rid of


I believe they are a $300M/year client to EY


Absolutely nuts to me, but I work at a far smaller firm. That is just staggering in the number of people.

They did $104B in revenue in 2019 and spent $16B in “other” (non-interest or payroll related) expenses so it’s not that crazy of a number.


You get those numbers when you don’t actually “hire” people but contractors so you don’t have to pay for benefits or FICA. #beentheredonethat

They have over 250k employees. Not inconceivable that could have tens of thousands of contractors.

I bet most of them are with risk and IT. The burden of regulatory requirements on banks increased massively in the last decade, which then needed massive amount of investments to comply to those

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