The last two banks I have worked for (including where I am now), put much of the IT work "offshore". This seems to mean, importing the Indian workers here, in large numbers, theoretically for limited periods of one or two years each, practically many staying for several years and the better ones getting residence permits and staying, a very few as permanent staff. (I live in a financially successful, middle European country).
The jobs covered now include programming, architects and endless IT admin. types, managing the paperwork associated with the managêment systems their company sold to us and so on.
I gather too, that even for those few really "offshore", the total cost can be more than employing a local worker (local, in this context, I use to include anywhere in Europe). I am sure that paying the consultancy company supplying the staff, the expenses of getting them here, tickets for home leave, accommodation, visa costs, lawyers and HR to manage the visa process, health insurance (directly or through their employer), loss of skills from local resources and so on must add up to a tidy bill. Added to all this, of course, is the cost of supervision, acclimatising them to the local culture, the local working place, systems and customs.
It is also noticeable that the sheer numbers of such workers seem to be greater than the former numbers of local employees for the same job; then of course their is the lack of continuity as well as variable skill, knowledge and experience levels. Of course, some of them are very good; a lot are very "average"; most are decent people.
Language: actually, their spoken English is often better than my Americnised countrymen's lingo; their writing skills are not as good, though again my under-educated, increasingly-Americanised compatriots are going down hill fast.