Category: In The News

UK Sees “Global Portfolio” Dividends Across the Atlantic | In the News

March 23, 2023

The CrossConnect Forum is a platform for European and United Kingdom enterprise leaders to engage partners in the Americas to overcome increasingly intense operational pressures and sustain market leadership. This first-ever forum explored a new avenue of partnership-based innovation and examined new ways to re-think and re-design the core operating systems of today’s globally-focused organizations.

Rohitashwa Aggarwal, Partner, Global Sourcing, who joined a panel at the forum, discussed how the demand for tech and business services keeps expanding in the United Kingdom and other European markets. He suggests that in spite of this growth, talent availability remains a major problem for the region.

Banking Crisis: India’s $245 Billion Business in Crisis, Millions of Jobs at Risk, Know What Is the Reason | In the News

March 21, 2023

Banks in North America lead the way in technology investment in the retail banking sector worldwide. According to the data of financial advisory firm Celent, in the year 2022, the IT budget of these banks was US$82 billion, while the world budget was US$250 billion. Indian IT companies benefited greatly from the banks’ spending on tech budgets.

According to Peter Bendor-Samuel, CEO of Everest Group, TCS, Infosys, Wipro, and Mindtree have exposure to regional banks in North America through their banking verticals, and the banking crisis will impact their BFSI growth in the short term.

Read more in Newsday Express.

This Is How Global Banking Crisis Can Impact India in Different Ways | In the News

March 21, 2023

India is seen to be relatively sheltered from the shocks of the crisis. It is unlikely to impact India’s banking system or its broader macroeconomic stability unless more banks in the US or Europe fail and the crisis gets pronounced. Yet, analysts and some economists believe the indirect impact of the banking crisis might ripple through India’s economy and manifest in India’s tech sector, markets, and startups.

However, there will be some positives. Firms like TCS and Infosys are best placed to win the cost optimization projects that will come up now due to the stress in the sector, and “even one large deal win can bring a substantial positive pace of growth for the companies,” according to Peter Bendor-Samuel, founder of research firm Everest Group.

Read more in The Economic Times.

Banking Crisis: Indian IT-BPM Companies May Feel the Heat | In the News

March 21, 2023

The banking crisis in the US and Europe could take a toll on the Indian US$245 billion IT business process management (BPM) industry, which draws close to 41% of its revenues from the banking, financial services, and insurance (BFSI) sector, analysts said.

“Companies like TCS, Infosys, Wipro, and LTIMindtree have exposure through their banking vertical across North American regional banks. Over the short term, there will be an impact to BFSI growth due to this crisis,” said Peter Bendor-Samuel, CEO at Everest Group.

Read more in The Economic Times.

TCS CEO Exit: ‘Reason is Internal Discomfort with Reorganization’ | In the News

March 21, 2023

With four years left before his term ends, TCS CEO and MD Rajesh Gopinathan announced his resignation from the country’s largest IT services behemoth last week. Though the next day after his resignation, at a press briefing, he said it is better to leave when everything is good and that “if not now, will there be a better time,” analysts said there is more to this than meets the eye.

In April 2022, TCS launched a new operational structure under which four business groups – acquisition, relationship incubation, enterprise growth, and business transformation – were created. “Under the new structure, it is hard to find who is in charge, and in some instances, with too many cooks in the kitchen, this is quite unlike the normal TCS interactions that are usually disciplined and on target,” said Peter Bendor- Samuel, CEO of Everest Group.

Read more in The New Indian Express.

Outgoing TCS CEO Rajesh Gopinathan’s Ops Model May Have Led to Unease | In the News

March 20, 2023

A new operating model mooted last year by the outgoing chief executive of Tata Consultancy Services (TCS), Rajesh Gopinathan, may have caused “unrest” among some employees of the country’s largest software services exporter, several sources in the company and industry experts told ET.

“Under the new structure, it is hard to find who is in charge in some instances with too many cooks in the kitchen. This is quite unlike the normal TCS interactions, which are usually disciplined and on target,” said Peter Bendor­ Samuel, CEO of Everest Group, adding that given the recent streak of good performance by TCS, it is, however, hard to say if the restructure caused a significant performance drag.

Read more in The Economic Times.

Driving Social Transformation: The Power of Impact Sourcing on India’s Rural Economy | In the News

March 20, 2023

By working together, employers, training institutions, the government, and other stakeholders can create a sustainable and inclusive impact-sourcing movement in India that empowers the rural population and drives overall social transformation.

Everest Group, in partnership with the Clinton Global Initiative (CGI), has pledged to increase the impact sourcing workforce across the globe. Through our Commitment to Action proposal, the firm provides a platform for impact sourcing stakeholders to connect and access our research on the global impact sourcing market.

Read more in Intelligent Sourcing.

Explained | Will the SVB Collapse Impact Indian Start-Ups? | In the News

March 19, 2023

On March 10, banking regulators in the US took control of the Silicon Valley Bank (SVB), which typically catered to start-ups, venture capitalists, and tech firms, after it suffered a sudden collapse. The Joe Biden administration moved in quickly with the Federal Reserve, the US Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) deciding to guarantee all deposits at SVB.

A number of industry stakeholders said while the immediate impact would be minimal because of the bailout, the change in sentiment may have some dampening effect on the entire tech industry for a while. Peter Bendor-Samuel, CEO at Everest Group, told The Hindu that given that the US was guaranteeing all deposits, the direct impact on the industry and Indian firms, “is likely to be modest.”

Read more in The Hindu.

SVB Crisis: IT Industry May See Fewer BFSI Deals | In the News

March 18, 2023

The Indian IT industry, which has been facing macroeconomic challenges, might witness a further slowdown in BFSI (Banking, Financial Services, and Insurance) deals due to the recent collapse of Silicon Valley Bank (SVB).

Peter Bendor- Samuel, CEO of Everest Group, told TNIE that the direct impact of the SVB crisis on the Indian IT industry will be modest but the indirect could be more significant. In case of direct impact, this is going to have a negative effect on the high-tech customers, particularly the smaller start-ups.

Read more in The New Indian Express

TCS Is a Steady Business, New CEO K Krithivasan Will See a Smooth Transition, Say Industry Experts | In the News

March 18, 2023

Tata Consultancy Services (TCS) CEO Rajesh Gopinathan was leading an already stable and steady company and transitioning to a new CEO won’t change much for the company or its business, said industry experts and analysts, while still coming to terms with the biggest top-level exit at the country’s largest IT services firm.

Chirajeet Sengupta, Partner at Everest Group, said that TCS has a very strong leadership bench and Krithivasan is a very credible leader. “What will be interesting to see is how he shapes TCS in his own vision or whether he simply continues what Rajesh and team have been doing. But overall, we are very bullish on Krithi’s appointment.”

Read more in Money Control.

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