Thread: Bank of America laying off technology workers

Bank of America laying off technology workers

http://www.charlotteobserver.com/2010/1 ... ology.html

By Rick Rothacker
rrothacker@charlotteobserver.com
Posted: Wednesday, Dec. 01, 2010

Bank of America Corp. employees are facing another round of job cuts.

The Charlotte bank is laying off a "small percentage" of workers in its global technology and operations unit as part of an effort to streamline and centralize operations, spokeswoman Nicole Nastacie said today. The move was a "difficult but necessary decision," she said.

The bank didn't disclose the number of workers affected, but some are in Charlotte.

The layoffs are hitting a division that employs more than 100,000 in 34 countries, accounting for more than one-third of the bank's workforce. The unit also includes corporate workplace, corporate security and supply-chain management departments.

Employees told the Observer they have been learning of the layoffs in recent days. Some affected employees will be able to move into other positions in the company, Nastacie said. Others will be offered severance.

The bank's Charlotte employment has remained stable at about 15,000, and the company remains committed to its headquarters city, Nastacie said. Bank of America continues to hire for other positions in the city and elsewhere, she said.

Over the years, Bank of America and other large banks have slashed technology and operations jobs by outsourcing work to offshore companies that have lower labor costs. The bank's latest initiative, however, is about streamlining operations, not moving work, Nastacie said.

Cathy Bessant, a Charlotte-based Bank of America veteran, has run the technology and operations unit since the beginning of this year, when new chief executive Brian Moynihan reconfigured his management team.

At the end of the third quarter, Bank of America employed 285,822 worldwide. The technology and operations cuts are separate from Merrill Lynch-related layoffs announced at the end of 2008. As part of that acquisition, the bank said it planned to cut up to 35,000 jobs over three years.

The latest layoffs comes as U.S. companies continue to wrestle with a sluggish economy. Bank of America lost $7.6 billion in the third quarter after taking an accounting charge related to its debit card business.

Banks often make year-end cuts as they look to trim costs heading into a new budget year. Bank of America and its peers are bracing for new regulations that are expected to crimp revenue in future years. On Tuesday, Boston-based State Street Corp. announced plans to eliminate 1,400 positions and make improvements in technology and operations.


What caused these layoffs?

http://www.realestatezing.com/banks-in- ... rgaon.html

Bank of America India Gurgaon, location has been used for outsourcing the work related to collections of credit cards, retail and commercial banking. With this, many new jobs have been generated that in turn has created many employment opportunities. BPO jobs are the most abundant among other jobs in Gurgaon for Bank of America. Along with these BPO jobs, IT sector is also flourishing, as these big companies need back up all the time that is provided by the professionals from the IT industry. India has mind with resources and cheap man power so it is the perfect destination for outsourcing. Considering this Bank of America in India is now getting bigger and really got an edge in the market.

Bank of America Gurgaon Office

Bank of America Gurgaon Office has been running through BA Continuum. It is providing the Bank of America Gurgaon jobs and hiring to have good work force. Many jobs for freshers as well as experienced people are generated by this BofA Gurgaon Center. Thus various banking as well as IT domains have been covered. In the initial phase of the complete set up, Gurgaon office was used to set up retail banking through voice as well as non-voice outsourcing. Then this business had expanded further to investment banking. With this Bank of America has become a 24-hour company, in which programmers work from California, who then delegate work to India.

Bank of America Gurgaon Jobs

Bank of America BPO jobs in Gurgaon, India are now taken up by many keen freshers. Many of them are making careers in these BPO jobs. Working in night shifts, tackling the client pressure and giving the best performance without a chance of error are the basis of these BPO jobs. Bank of America Gurgaon branch is earning huge profit and has become very valuable to the bank.

Bank of America Gurgaon office recruits people for its three key areas of operations which are Business Process Solutions (BPS), Knowledge Services and Information Technology Solutions (ITS). The persons hired for these departments are required to do jobs pertaining to Accounts Management, Loan Processing, Customer Service, Transaction Processing, Global Banking Securities and Wealth Management Technology, Research, Analytics & Reporting, Information Assurance and Sales Support.

Originally Posted by millere

Bank of America India Gurgaon, location has been used for outsourcing the work related to collections of credit cards, retail and commercial banking. With this, many new jobs have been generated that in turn has created many employment opportunities.

I'm sure that I share the warm feelings of all Americans who are seeing information jobs exported. I mean, if we can export manufacturing jobs, surely we can export jobs which require only access to a computer and/or a phone line.

BTW while Americans were becoming increasingly anxious about job losses, 'Bama was in Asia attempting to create new free trade agreements. I guess someone forgot to tell him that the existing agreements resulted in the loss of good paying jobs.

Previously, during one of his televised Town Hall meetings, 'Bama said that we should emphasize info jobs because thay can't be exported! And yes, he actually did say that.
************************************************** ***********************
American first in this magnificent country

American jobs for American workers

Fair trade, not free trade

Originally Posted by vistalad

I'm sure that I share the warm feelings of all Americans who are seeing information jobs exported. I mean, if we can export manufacturing jobs, surely we can export jobs which require only access to a computer and/or a phone line.

http://www.itproportal.com/2009/03/23/c ... ndia/?full

Criminal Gangs Steal UK Credit Card Details In India

The BBC has uncovered an underworld market where UK credit card details are routinely stolen by Indian call centre workers and sold to criminal gangs.

The discovery, made by an undercover BBC News investigation, showed that illegally acquired UK names, addresses and credit card details were offered for sale by someone called Saurabh Sachar and based in Delhi, India.

Sachar offered to sell hundreds of credit and debit card details every week for around £7 each. The BBC reporters were able to purchase a first lot of 50 cards but found out that many of the credit card numbers were invalid.

Worryingly, some of the credit card details were obtained after customers purchased applications from security firm Symantec Corporation which launched an internal investigation.

The firm later said that the leak came from a single source - probably a call center operator - who had since been removed.

In a statement, Symantec added that "We have engaged with the local law enforcement officials in India and will cooperate fully with that investigation. We are in the process of reviewing all possible options to manage this third party call centre, including moving away from it".

Some have voiced their concerns over extensive phishing calls made from India with callers trying to get credit card details from punters on the promise that they would get a great bargain.

Its really time to turn into a protectionist country. Screw the rest of the world when it comes to maintaining our jobs and economy. China is protectionist and because of it they thrive... they thrive on our exporting of our jobs to make big business richer. Impose heavy tariffs on all goods other then material good imports that come into the US. That includes phone calls to india because my new computer software or blender doesn't work...

Originally Posted by millere

Originally Posted by vistalad

I'm sure that I share the warm feelings of all Americans who are seeing information jobs exported. I mean, if we can export manufacturing jobs, surely we can export jobs which require only access to a computer and/or a phone line.

http://www.itproportal.com/2009/03/23/c ... ndia/?full

Criminal Gangs Steal UK Credit Card Details In India

The BBC has uncovered an underworld market where UK credit card details are routinely stolen by Indian call centre workers and sold to criminal gangs.

The discovery, made by an undercover BBC News investigation, showed that illegally acquired UK names, addresses and credit card details were offered for sale by someone called Saurabh Sachar and based in Delhi, India.

Sachar offered to sell hundreds of credit and debit card details every week for around £7 each. The BBC reporters were able to purchase a first lot of 50 cards but found out that many of the credit card numbers were invalid.

Worryingly, some of the credit card details were obtained after customers purchased applications from security firm Symantec Corporation which launched an internal investigation.

The firm later said that the leak came from a single source - probably a call center operator - who had since been removed.

In a statement, Symantec added that "We have engaged with the local law enforcement officials in India and will cooperate fully with that investigation. We are in the process of reviewing all possible options to manage this third party call centre, including moving away from it".

Some have voiced their concerns over extensive phishing calls made from India with callers trying to get credit card details from punters on the promise that they would get a great bargain.

No surprise there is there? Why do Americans trade with companies that would even consider let alone release their personal private information and a license to charge to "call centers in India"?

Originally Posted by millere

What caused these layoffs?

http://www.realestatezing.com/banks-in- ... rgaon.html

Bank of America India Gurgaon, location has been used for outsourcing the work related to collections of credit cards, retail and commercial banking. With this, many new jobs have been generated that in turn has created many employment opportunities. BPO jobs are the most abundant among other jobs in Gurgaon for Bank of America. Along with these BPO jobs, IT sector is also flourishing, as these big companies need back up all the time that is provided by the professionals from the IT industry. India has mind with resources and cheap man power so it is the perfect destination for outsourcing. Considering this Bank of America in India is now getting bigger and really got an edge in the market.

Bank of America Gurgaon Office

Bank of America Gurgaon Office has been running through BA Continuum. It is providing the Bank of America Gurgaon jobs and hiring to have good work force. Many jobs for freshers as well as experienced people are generated by this BofA Gurgaon Center. Thus various banking as well as IT domains have been covered. In the initial phase of the complete set up, Gurgaon office was used to set up retail banking through voice as well as non-voice outsourcing. Then this business had expanded further to investment banking. With this Bank of America has become a 24-hour company, in which programmers work from California, who then delegate work to India.

Bank of America Gurgaon Jobs

Bank of America BPO jobs in Gurgaon, India are now taken up by many keen freshers. Many of them are making careers in these BPO jobs. Working in night shifts, tackling the client pressure and giving the best performance without a chance of error are the basis of these BPO jobs. Bank of America Gurgaon branch is earning huge profit and has become very valuable to the bank.

Bank of America Gurgaon office recruits people for its three key areas of operations which are Business Process Solutions (BPS), Knowledge Services and Information Technology Solutions (ITS). The persons hired for these departments are required to do jobs pertaining to Accounts Management, Loan Processing, Customer Service, Transaction Processing, Global Banking Securities and Wealth Management Technology, Research, Analytics & Reporting, Information Assurance and Sales Support.

Notice that this part of the post was not part of the Charlotte Observer article. THIS is the part that Charlotte citizens need to hear about but BoA and the Observer won't tell them because BoA is part of the Charlotte's community and history and the Observer will back BoA every time.

BUT the people need to know how disloyal BoA is to them by shipping these jobs overseas.

I believe that if Americans knew what these companies are doing to them by moving jobs overseas, that they would rise up in anger, especially considering how many are out of work! They could put BoA out of business by voting with their money and taking it to a different bank!!

Previously, during one of his televised Town Hall meetings, 'Bama said that we should emphasize info jobs because thay can't be exported! And yes, he actually did say that.

Just confirms that Obama is an IDIOT.

Originally Posted by Syanis

China is protectionist and because of it they thrive...

China uses a combination of currency controls, tariffs, and support for selected industries. I haven't looked at specific trade agreements in years, but it at least used to be acceptable to support what was called "infant industries." We've lost so many manufacturing jobs that it shouldn't be a problem for us to begin supporting infant manufacturing. Just using government purchasing power would go a long way toward getting these industries (re)started.

Ultimately it's a matter of perspective. How do we see the world? IMO we can be firmly grounded in beginning our analysis from the point of view of what's best for most Americans, then sharing/cooperating with others. This is not rocket science, but it is a matter of being secure in our beliefs.
************************************************** ***********************
Americans first in this magnificent country

American jobs for American workers

Fair trade, not free trade

Those things are all protectionist to keep China strong far as the economy and weaken foreign countries competing.

Problem if the US does just a little bit of claiming infant manufacturing and such to boost that industry and curb foreign control over it in the US would be screamed bloody murder. In that case best to just go the whole 9 yards. Support America instead of 100 other countries.

Originally Posted by Syanis

Those things are all protectionist to keep China strong far as the economy and weaken foreign countries competing.

Problem if the US does just a little bit of claiming infant manufacturing and such to boost that industry and curb foreign control over it in the US would be screamed bloody murder. In that case best to just go the whole 9 yards. Support America instead of 100 other countries.

Problem is Republicans will tell you (and even Democrats) that protectionism would be our doom. The traitors who state such things are our doom.

Yup. Heaven forbid we adopt policies that support locally made products and put dampers on foreign products we can make at home. That I'm sure would be "racist" as we would be destroying many other countries who thrive on the destruction of the US.