Posted on 03/10/2004 9:28:10 AM PST by 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.
I'll bet ole' Alexander Hamilton is spinning in his grave at the news that his bank,...
the one he founded to DEVELOP American Industry (the so-called American Plan, as opposed to the British "free trade"), is shipping it ALL to...INDIA???
The people being outsourced are computer programmers. If this trend continues it means that the Banks in NYC will just be employing MBA types from the elite schools. There will be no entry level jobs that might lead up the ladder that are available to anyone else. They have resently been converting to CMM types of technology management and are actually going for Level 2 certification. For those of you that do not know this, CMM methodologies are used by the big Indian Tech outsourcers (Wipro, Infosys, etc.) Others are following BONY down this path. BONY has been known to be a bit stodgy. If they are outsourcing one can just imagine what else is going on out there.
This will pose a real crisis for NYC down the line as the economy here is much less diversified than it use to be. Wall St. is one of the few games in town. With the incredible local infaltion and tax rises around here, There will be a crisis soon enough.
The econmoy growth has been something like 0.3% since 911. NYC is in trouble.
What an over-used lie that is. There's also: "But merchandise will be cheaper at Wal Mart."
The southern economy has already been pretty much killed off by this garbage. It's wonderful how you people have just suddenly awakened to the dangers of outsourcing when it's your ***'s that are been burned alive. Had you pursued fair trade deals 10 years ago, then this type of thing would certainly be less severe.
That's just something big corporations tell people to make them feel better about losing their jobs. There used to be a time in American history were people actually worked for a living. My mother, for example, was forced to work in a bar in order to support her two children.
It's time that people woke up and realized that we won't be a superpower in 15-20 years if this keeps up. With all the money and jobs that we send to China, they use that money to boost their military spending-which they did just recently. Imagine Communist China or Socialist India running the world instead of us. Scary thought, huh?
I do not understand what you are talking about. We had nothing to do with any "fair trade deals" and as far as I know outsourcing has never been the subject of any "free trade deals." Outsourcing is goin on throughout the country and negotiating "free trade deals" would have little effect on it. I imagine that it is having the same effect in the Atlanta, Research triangle and other southern high tech belts right now as it is does here.
As far has I know "trade deals" with foreign nations are negotiated by the federal government, not the city of New York.
As for the diversification of the business here in New York, the current situation really dates back to the Koch administration when they pushed out niche manufacturing and handed the city over to Wall street, the Rockefeller Center crowd (TV media) and, most importantly, the high end real estate people. Before there was always a balance between various interests, including small manufacturers and other small businesses. They essentially said "screw manufactuing, turn those factories into office space." To pay for the huge abatements people like Trump got, the smaller people had to pick up the slack and therefore they had to raise rental rates. The huge increase in state and local taxes, all the hidden fees and the support of the one largest civil services in the country (I think that NYC is something like the 4 or 5 largest employer in the nation.) put most everyone out of business except the big boys, and then they started to move because the crime reach third world levels and their people did not want to live here. Rudy turned the crime around but by then all the big boys had left. They might have come back but 911 put the Kabash on that idea. Now Wall street is moving too. I remember when NYC was a town of small and medium sized business, if you can believe that. Manhattan actually had poor and middle income people living in it back then. I had a aprtment on thrid Ave. for $300 a month. That appartment now goes for $5,000.00 a month, and I doubt that there are very many people in that building now that actually work for a living.
After Koch the idea was that the international Fortune 2000 would either need to have their world HQ here or at least their N. American HQ. I think that in the early 1950s all but 10 of the fortune 500 had their headquarters here. Now I think that it is something like 7 have there headquarters. here.
SO the real problem is an entrenched and corrupt urban Dem machine. Do not forget that the New Deal start in NYC and was one of its major beneficiaries.
It is hard to see how negotiating "trade agreements" would help in and of itself. Tell me, do you thing that "The South" negotiates trade agreements independently of the federal government? I did not realixe that we had such things as regional trade agreements with foriegn nations.
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