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America's top banks to outsource $5 billion in jobs to India

 
Stu
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User ID: 1134640
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02/14/2011 12:43 AM

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America's top banks to outsource $5 billion in jobs to India
At a time when the state department has been trying to save and increase American Jobs, Citi and BofA will outsource over $5bn worth of new contracts to India’s leading outsourcing consultants including TCS, Infosys, Wipro.


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America’s top banks including Citigroup, JP Morgan and Bank of America are set to outsource IT and back office projects worth nearly $5 billion this year to India, as they seek to lower costs of complying with new regulations and integrate banking systems.

While Bank of America is merging its systems with Merrill Lynch, JP Morgan Chase is driving its integration with several acquired units including Washington Mutual. Having sold its captive operations to TCS and Wipro, Citigroup is now seeing more opportunities to cut costs through offshoring. Mid-tier banks such as Wells Fargo, which acquired Wachovia is now attempting to drive the integration from cheaper overseas locations such as India. Morgan Stanley is also driving IT integration with Smith Barney by outsourcing projects to India-based vendors.

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If American citizens get a hang on this news, there are some hard questions to ask. These are the same banks that were saved by the tax payers money. Now they have gone ahead paid down record bonuses of that money and what is even more grieving is the fact that they go ahead and cut down american jobs and hand it out to India.

[link to dawnwires.com]
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There is no use removing doubts one by one. If we clear one doubt another doubt will arise and there will be no end of doubts. But, if by seeking the doubter, the doubter is found to be really non-existent, then all doubts will cease. -- Ramana Maharshi


You have to keep breaking
your heart until it opens.

~ Rumi
Anonymous Coward
User ID: 1223960
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02/14/2011 12:51 AM
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Re: America's top banks to outsource $5 billion in jobs to India
Stop banking with them. That is the only way to get the message across. BOA should change their name.
Stu (OP)

User ID: 1134640
United States
02/14/2011 12:54 AM

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Re: America's top banks to outsource $5 billion in jobs to India
treasonous in my opinion


more proof theyre pulling the plug
_____________________________________
There is no use removing doubts one by one. If we clear one doubt another doubt will arise and there will be no end of doubts. But, if by seeking the doubter, the doubter is found to be really non-existent, then all doubts will cease. -- Ramana Maharshi


You have to keep breaking
your heart until it opens.

~ Rumi
Texas Uncensored

User ID: 1264920
United States
02/14/2011 01:30 AM
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Re: America's top banks to outsource $5 billion in jobs to India
Buy SILVER. [link to www.apmex.com]
Seriously.
Anonymous Coward
User ID: 1264661
United States
02/15/2011 10:07 PM
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Re: America's top banks to outsource $5 billion in jobs to India
Good I can't stand talking to aunt jemima from Georgia anyhow! Might just as well talk to Hadji, they both understand universal language!


Here is my message to BACskull_fing