TCS expects recovery in global banking sector

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Kuala Lumpur: Tata Consultancy Services (TCS) is expecting recovery in the global banking sector to boost its revenue this fiscal. In the last few months, the company saw some signs of recovery in the demand for outsourcing, especially from the banking, financial services and insurance sectors that account for 43 percent of its business.

During an investment conference in the Malaysian capital, S Ramadorai, Chief Executive, TCS said, "We see some signs of activity where businesses have reinvented themselves to reach out to customers, so that will definitely force a lot of IT options. The (global banking and finance) industry is beginning to look at discretionary spend which was frozen completely after the crisis."

To tap future business growth in Asia-Pacific countries, TCS is also planning to hire 18,000 workers in the financial year ending March 2010.

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