BRITAIN'S LOSS IS INDIA'S GAIN: First it was telecom giant BT which announced its plans to open call centres in India and move jobs there. Soon there were others: National Rail Inquiries, Goldman Sachs, Abbey National, Prudential and Bank of America's UK operations….

Now, HSBC -- the world's second-largest bank -- has said it will move 4,000 customer service jobs to Asia, mostly to India. HSBC plans to expand its operations in Hyderabad and Bangalore and relocate its call centre jobs.

The desire to cut labour costs by taking advantage of the cheaper job market in India has spurred them all.

(L) An HSBC sign is seen outside of one of their branches in London, England.

Photo: Scott Barbour/Getty Images

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