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Barclays, Nomura Scrutinize India Back-Offices After World’s Biggest Lockdown

  • Wall Street and European firms struggled with laptop shortages
  • European watchdog says bank outsourcing posed operational risk
Twin Towers & Business District, South Mumbai, India

Photographer: Tim Graham/Getty Images

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India’s decision to impose the world’s biggest virus shutdown has exposed a weak spot for the largest securities firms, which grappled with a sudden halt of their operations there.

Some global banks are scrutinizing their presence in Asia’s third-largest economy after the lockdown in March effectively closed call centers and other units overnight. European regulators have also assessed the impact of India’s lockdown on the banking industry this week, showing the challenges of providing the infrastructure such as laptops required to work remotely.