Changing the mix Infosys' services mix has become another area of concern. Infosys was lagging behind both TCS and Infosys in the key banking, financial services and insurance (BFSI) vertical, the biggest revenue contributor for the offshore-centric IT services companies. In the quarter ended June 30, 2011, Infosys derived $592 million from BFSI vertical, behind up-and-comer Cognizant but almost half of rival TCS. BSFI inextricably linked to the subprime crisis was in fact one of the first sectors to take a hit during the global recession. The banks and financial institutions failed miserably as they had huge credit risks. However, when the recovery started, the growth was led by BFSI thanks to a fair amount of mergers and acquisitions (M&As) activity as smaller banks were merged with larger ones. This required a standardising of their IT systems and companies like TCS and Cognizant were quick to capitalise on the situation with Infosys a few steps behind. ...