Australia’s largest investment bank, Macquarie Bank Ltd., will outsource some of its HR functions to Accenture, according to Marktwatch.com.
"The project is to consolidate these services with a view of taking a more coordinated approach," a spokesman for Macquarie told the financial web site. "It’s not a cost-cutting exercise; it’s a function of our growth to service all our international staff."
Macquarie has more than 9,000 employees, with about one third of these based outside Australia. The spokesman confirmed the project would encompass the bank’s "back-office HR functions, including payroll and administrative functions."
Australia’s largest bank, National Australia Bank Ltd., said it would use Accenture’s expertise to help move 175 data processing and administration jobs to India in early 2007, noting it was "reasonable to assume" more would follow as it seeks to be globally competitive, the site reported.