3 Years After Taxpayer Bailout, Bank of America Ships Jobs Overseas

[xchrom]

http://www.motherjones.com/politics/2012/05/bank-of-america-outsourcing-call-center-philippines



Bank of America, which last fall announced plans to lay off 30,000 workers, is about to go on a hiring spree—overseas.

America's second-largest bank is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press. The move, which includes a portion of the bank's customer service unit, comes less than three years after Bank of America received a $45 billion federal bailout.

Roman Romulo, deputy majority leader of the Philippine House of Representatives, bragged to the Manila Standard Today earlier this month that the Philippines "has secured its place as the world's fastest-growing outsourcing hub." Romulo pointed out that BofA is the last of the "big four" US banks to move their business-support network to his island nation, where the average family makes $4,700 a year.

A spokesman for Bank of America, Mark Pipitone, was unable to provide additional information about the bank's offshoring plans on Friday. "We have employees and operations where we can ensure that we best serve our customers and clients," he told me in an email.

The bank's outsourcing comes amid rising concerns about the security of customers' financial data in the hands of foreign contractors. In March, undercover reporters for England’s Sunday Times met in India with "IT consultants" who claimed they were call center workers, and offered to sell them credit card and medical information for 500,000 Britons—including account holders at major banks such as HSBC.

[Egalitarian Thug]

1. I'm shocked, shocked I tell you!

So long suckers, thanks for the money!

Who is more at fault, Lucy or Charlie Brown? And are we the football?

[gratuitous]

7. Yeah, I thought "suckers" too

Thank goodness we handed over the ransom money with no questions asked, no strings attached. Wouldn't want to interfere with the mysterious workings of the job creators, all hail!

[Egalitarian Thug]

11. How many times does this have to happen before people start to think?

[HughBeaumont]

2. I'd say "unfuckingbelievable", but really, it's NOT.

The United Corporations Running America, protected by Their Legal Gang.

What a fitting end to "The Greatest Nation on Earth" (snicker).

This is how democracy and history dies . . . with unpunished and completely legal THEFT.

[Mr Dixon]

3. IMO

No surprise here, B OF A are bunch Snakes

[Zalatix]

4. Where's the "America needs to lower its standard of living to support the poor" crowd?

They should be here any moment now.

[bluedigger]

5. Well, as long as it is to better serve customers and clients.

It's really just about being a better bank, after all!

[Fumesucker]

6. You know where the DNC is going to be this year, right?

[EnviroBat]

8. Who the hell is still doing business with these bastards?

Honestly, who? Why aren't customers pulling their accounts out of there and telling BoA to fuck off? God Damn, I'm amazed at the morons in this country...

[annabanana]

9. infuriating . . . n/t

[Dyedinthewoolliberal]

10. I sure would like to see the workers there get organized (form a union)