Bank of America expands India outsourcing

[Newsjock]

http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2004/05/09/financial1832EDT0025.DTL

CHARLOTTE, N.C. (AP) -- Bank of America Corp. may hire 1,500 people at its subsidiary after it opens in southern India this month, 50 percent more than previously disclosed, and the bank has reserved land that would allow for even more expansion.

Late last year, the bank said it eventually expected to have 1,000 people at its Continuum Solutions subsidiary in the software hub city of Hyderabad, but wouldn't give specifics about work intended for the center.

Executives with the Charlotte-based financial giant told The Charlotte Observer that Continuum employees will initially work with corporate accounts drawn from London operations and later from the bank's offices worldwide. In the future, Indian workers are likely to work with consumer information.

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[Chico Man]

1. Thank you Fleet

For selling out to Bank of America.

:mad:

Plenty of people in New England have just lost their job.

[liberalhistorian]

2. Oh, goody, it's bad enough that we have

to worry about fellow Americans having access to and stealing our personal information, now we have to worry about foreign workers doing the same thing. Workers who are stealing our jobs to begin with.

My parents have been getting both collections and sales calls from Bank of America, and they can never understand the person on the other end, to the point where they just hang up in frustration. At least now we know why. Thanks a lot, corporate whores, pocket those millions while your fellow Americans lose their jobs and can't find another one!!!

[fujiyama]

4. No one

is "stealing" American jobs in the first place. These are multinationational corporations beholden to no one.

Indians aren't stealing anyone's job.

If you are going to blame someone, blame the corporations for taking these jobs overseas, but don't get caught in some jingoistic, xenaphobic rant about foreigners stealing jobs.

[Mika]

5. Investors/comsumers are to blame

"If you are going to blame someone, blame the corporations for taking these jobs overseas, but don't get caught in some jingoistic, xenaphobic rant about foreigners stealing jobs."


Maybe, but its the investors that demand dividends. Most workers who have IRA's, 411k's and other retirement plans including all state workers who have state retirement plans are the investors also, they all demand a return for their investment. This in turn supports the demand for foreign outsourcing of cheaper labor. While at the same time consumers demand low prices by flocking to zero fee banks & Walmart etc, which accelerates the pace of cheap labor & outsourcing.


If B.ofA. were to use %100 US labor with benefits, then their fees would be much higher than other banks. The consumers would go to the cheaper business and B.ofA. would be gone.


Its systemic. Its unregulated capitalism. Its woven into our American social fabric.

It will take aware voters and consumers to change this. Feeling hopeful?

[Bhaisahab]

6. bless you fujiyama n/t

[this_side_up]

3. We are closing our BofA accounts this week. (eom)

[liberalhistorian]

7. Yes, I know my parents are

doing the same thing. We are all trying not to do business with companies that are outsourcing more than a hundred or so jobs. Unfortunately, it's becoming harder and harder to find major companies that are not doing that.