Bank of New York Moving 250 Jobs to India

ap.tbo.com/ap ^

[chance33_98]

Bank of New York Moving 250 Jobs to India

WASHINGTON (Dow Jones/AP) - The Bank of New York Co. will move 250 technology jobs to India, part of a multiyear effort to move jobs to cheaper areas, according to its annual report. The jobs are in the bank's Pershing securities clearing business, which it bought from Credit Suisse First Boston last year, according to the report filed Wednesday with the Securities and Exchange Commission.

Bank of New York will continue to move jobs to upstate New York and Florida. Internationally, the company is moving positions from London to Liverpool.

Bank of New York also said it expects its provision for credit losses in 2004 to be less than charge-offs. The company cited improving economic conditions in the first quarter.

In 2003, the provision for credit losses was $155 million compared with $685 million in 2002 and $375 million in 2001.

The bank expects to contribute $16 million to its pension plans in 2004. The accumulated benefit obligation for all defined benefit plans was $777 million on Sept. 30.

[TXBSAFH]

Ousourcing is killing the American Middle class.

[BikePacker]

Ya, but I'm sure they're jobs that Americans won't do.

[texgal]

We should all make it our business not to do business with companies that outsource American jobs to other countries. I told Dell Computers that I will not purchase their products for that very reason in addtion to the fact that the customer services reps in India give VERY POOR service.

If you do business with this company call and tell them that you are moving your account somewhere that supports American jobs for American workers.

[writer33]

That depends on the job. If it's outsourcing working at McDonald's, then it isn't hurting the middle class.

[CasearianDaoist]

Except that everyone of them are outsourcing. This sort of stuff is just killing the NYC economy.

[CasearianDaoist]

I hear that these sort of jobs have been reclssified as manufacturing jobs.

[TXBSAFH]

MCJOBs are the only ones I see growing at any great rate around here.

[xrp]

I bet Bank of NY customers feel safe knowing some IT functions are being handled by unknown people in India. This could involve access to customer databases, financials, etc...

[trickyricky]

Who cares where the jobs go as long as we can buy cheap
stuff at Walmart? People will always need hamburgers
so we will always have a solid service based economy.
Amen
and God help us, as we go down the drain.

[hobson]

No customer databases are involved: "The jobs are in the bank's Pershing securities clearing business, which it bought from Credit Suisse First Boston last year"

[Walkin Man]

Yeah, more jobs Americans won't do...

(for 15 grand a year)

Don't start whining, you...isolationist!!!

/sarcasm

[Walkin Man]

LOL!

Yeah thats it!

[xrp]

Ever heard of "unauthorized access", commonly referred to as "hacking"?

[TXBSAFH]

More and more people I talk to are getting worried and then getting angry about this. This issue could get ugly by November. GWB would be well advised for all our sakes to be seen moving to curb outsourcing now.

[SaveTheChief]

It's funny you bring up the suggestion not to do business with those who outsource overseas, and specifically Dell computers. I did a vanity thread yesterday asking for advice and recommendations on a laptop, and a significant number of responses (probably a majority) suggested I buy Dell. However, I do not want to buy Dell because I don't want to talk to the lowest bidder, especially when it is difficult understanding them through their foreign accent, when figuring out my computer problems.

It might be a challenge to get a movement together to confront this trend, but I agree that Americans need to stand up for American workers. Our greatest power as consumers is to support or deny business to companies that can potentially hurt our own economy and unemployment.

[familyofman]

Look on the bright side - there are now 250 more people who can be re-trained for a better paying, skilled position. We will all benefit in the long-run. Heads up troopers - we're going to rush off the cliff together (good lemmings that we are).

Remember medicine is only good if it tastes bad.

[hobson]

Outsourcing is not a prerequisite for hacking.

[Bismarck]

In deed. If the job situation doesn't change, ergo outsourcing keeps on growing while job growth is virtually zero, then Bush will have a tough time beating Kerry.

[cyborg]

I take it you've never owned a company and are not a CEO.