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.

[texgal]

Au contraire. I own a compay now that has employees and while I may not carry the title of CEO, I'm the one who has to make sure we make the payroll and I sign all the tax returns. This is the second company I have owned.

[WestCoastGal]

I agree, the only way to stop this is to hit them in their pocketbook. Do not do business with any company that outsources jobs!! Anyone who has an account with this bank should change, I would.

[cyborg]

Okay then but I don't see how you can take that attitude being a business owner. It's someone's right to not patronize a business BUT do people start businesses and corps to save jobs or to make money? That's all I want to know. These corps are thinking of the bottom line of making money for their shareholders.

[techwench]

the problem with laptops is that there aren't too many "build your own" choices as with desktops. i have nothing but home built desktops and older laptops which are out of warranty but upgradable which i do myself

[texgal]

. . .do people start businesses and corps to save jobs or to make money? That's all I want to know. These corps are thinking of the bottom line of making money for their shareholders.

I did it for both reasons. We're small and the employees are the shareholders. We all worked for the same company that was purchased and our jobs were "phased out". We got to train our replacements. It was the third time in my career that this had happened to me. I invested in the capital equipment and hired my fellow former co-workers who were also out of work. We all draw salaries and share in the profits after expenses and capital expenditures are paid.

[cyborg]

I don't know if big corporations have those same interests, saving jobs really. If a big corporation can save a significant amount of money outsourcing then why condemn that? Personally, I think what you did was great. It's certainly better than going on unemployment and whining.

[texgal]

I don't know if big corporations have those same interests, saving jobs really. If a big corporation can save a significant amount of money outsourcing then why condemn that? Personally, I think what you did was great. It's certainly better than going on unemployment and whining.

Yep, I sure didn't want to go the unemployment route again and at my tender age it's getting too dang hard to compete with the young'uns in the job market. We sell our service based on the fact that our clients needn't keep us on staff and pay payroll taxes and benefits. They hire us when they need us. We know what we're doing so there's no training expense and we do good work.

I agree that companies have every right to try to trim the bottom line but why not start at the administrative level and not punish the workers? Salaries of most CEOs are 30 to 40 time that of the average worker. I'll let them know that I believe that American jobs are important by not doing buisiness witht them.

[cyborg]

I agree that companies have every right to try to trim the bottom line but why not start at the administrative level and not punish the workers? Salaries of most CEOs are 30 to 40 time that of the average worker. I'll let them know that I believe that American jobs are important by not doing buisiness witht them.

*** Good points. I can't argue with those.

[chronotrigger]

"Had you pursued fair trade deals 10 years ago, then this type of thing would certainly be less severe."

I was referring to the fact that the south does not have a majority membership in congress, which means the south does not have a say in the passage of trade deals ( a majority of southern congressmen voted against NAFTA but it was passed anyway). Therefore, it is up to you and your congressmen to do something.

[gemonthemove]

Just wondering who they have outsourced it to in India ...