US mortgage bank Abbey to outsource jobs to India

Hindstan Times ^ | 10-12-03

[Brian S]

Indo-Asian News Service

US mortgage bank Abbey has announced that it would outsource some of its back office works to India with a view to cutting cost, angering the workers' union who say the move will result in large-scale job losses.

Abbey is discussing its outsourcing plans with MsourcE, which provides accounting, payroll and processing services to a host of companies globally in Bangalore and Pune, reported silicon.com.

Amicus, a trade union that represents insurance and financial services workers, has called for an immediate meeting over the pilot project of Abbey.

"Outsourcing is a fact of global life but it must not be done at the expense of any one national economy over another," said Amicus joint general secretary Roger Lyons.

"The same thing that happened to manufacturing could happen in the service sector unless the Government, employers and unions take immediate action to properly manage technological change," he said in a statement.

An Abbey spokeswoman, however, maintained that no job losses would result from the move and the company was not planning to ship more jobs to any low-cost destinations like India without judging the result of the pilot project.

Abbey's spokesperson said the off-shoring action was necessarily undertaken to make the company "operationally and economically as efficient as possible" and that the move would "free up resources."

Meanwhile, research carried out by Amicus suggests that the public is less than convinced about the company executives' motives for outsourcing.

A mammoth 81 per cent of those queried by the trade union thought that customers wouldn't see a penny of the financial benefits despite the much-lauded cost benefits that outsourcing brings.

Amicus is also predicting that 200,000 jobs could be under threat in call centres, paper processing, legal work, and IT support as a result of outsourcing.

[boycott]

Okay, someone needs to compile a list of all the companies that are outsourcing these jobs. I need to know the companies that I will boycott.

boycott

[traumer]

... and so the saga continues.

[Support Free Republic]

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[TaxRelief]

Same old boring stuff.

[lelio]

An Abbey spokeswoman, however, maintained that no job losses would result from the move and the company was not planning to ship more jobs to any low-cost destinations like India without judging the result of the pilot project.

Surprisingly after they judge the results they'll start firing Americans and hiring Indians.

[lelio]

Is this the new MonroeDNA "Aw not this s*#t again" mantra that adds nothing?

[TaxRelief]

Actually, it points out the triteness of these agenda-driven, anti-Bush, anti-Republican, extremely one-sided stories.

[lelio]

Well I'm convinced.

[JNB]

Job Outsourcing is going to be a big issue next year, and if Bush does not take steaps to at the very least that make it look like he is taking actions to reduce the tide, he is going to have problems. Globalism is not a winning issue.

[camas]

maybe someday when all of the jobs have gone overseas no one will have pay check. then what happens???

[ikka]

I do not feel comfortable with my personal banking information being broadcast hither and yon. How exactly would you be able to prosecute a case of identity theft if the thief is overseas?

[LibertyAndJusticeForAll]

The traitors doing this will have already made multi-millions. Some will retire to the Bahamas, etc.
Suffice it to say they neither care nor will they ever bear the consequences of their ill-judged policies.

[Oatka]

The traitors doing this will have already made multi-millions. Some will retire to the Bahamas, etc. Suffice it to say they neither care nor will they ever bear the consequences of their ill-judged policies.

And their political/judicial allies will be OK as they are insulated by taxpayer-funded retirements. Advocate changing their retirement plans to 401Ks and have their savings at market risk like the rest of us peons.

It is too bad we don't have the Initiative system on a national basis, but maybe the states are a good place to start. Anyone listening in California?

[Samizdat]

I do not feel comfortable with my personal banking information being broadcast hither and yon. How exactly would you be able to prosecute a case of identity theft if the thief is overseas?

Oh, they've got that all figured out. You would simply take your case to the tribal chieftain du jour. That or you could burn incense before a multi-armed diety and hope for the best.

[quietolong]

Now you know why they want your guns too!

[1rudeboy]

How exactly would you be able to prosecute a case of identity theft if the thief is overseas?

Gosh, I dunno. How do you think they do so now?

[upchuck]

Blah, blah, blah, yada, yada, yada, yada.

None of you have addressed the essential point:

Brian S., did you get Willie Green's permission to post this?

[CROSSHIGHWAYMAN]

Okay, someone needs to compile a list of all the companies that are outsourcing these jobs. I need to know the companies that I will boycott.

Some outsourcing stocks that have done well this year and show great growth are the following:

IBN...the "citibank" of India
CVNS
DTPI
IGTE

I own them all.

[oceanview]

yeah, it will "free up resources" for higher executive compensation. they won't cut end costs to US consumers one penny. a perfect example of a company who should be subjected to a special tax on their profits based on their use of offshore labor.