It was announced last week that a large portion of the spreading team (the group that reviews customer financials such as personal and business tax returns) will be laid off and their job duties will be outsourced to contractors located in India.
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Anyone know what date the affected business banking preunderwriters will be let go this year?
Was this really a surprise to anyone? I mean the bank is basically India west. It's just a holding pen for imported automatons. WAIT! I've got an idea. Why don't we tariff off shore contractors? F'ing brilliant! We could make tons on that! I mean there are so many of those noxious critters skittering around, it would be easy to round them up.
This isnt new the GSIBs and most other larger FIs do all of their spreading, reporting, coding and strategy work offshore in Manila and Bangalore or Mumbai . It’s happened years ago at the big banks and is just going to get worse here. It’s how they intend to stay competitive on the expense side
outsourced jobs to Indian and Philippines are not US Bank employees , dummy.
The change was announced and a surprise to most everyone. I warned people that they would try to outsource, they’ve been trying to do it for years. Does anyone know the dates those who were let go were given as last days?
A huge issue with this is that spreaders had traditionally been the people who move into underwriting/portfolio manager jobs. It's not like we have a training program anymore.
This began a few years ago. I guess they are just finishing things up.
Eric, who is now senior leadership in ICG is extremely proud of offshoring spreading jobs a few years back, and mentions on every call how he saved $$$ by this cost cutting measure.
Why don’t they just shut down the bank? These constant waves of layoff news have completely destroyed any sense of peace. It’s mentally exhausting and deeply demoralizing. Productivity is naturally affected, how can anyone give their best when there's a constant sword hanging over their heads? At this point, it feels less like restructuring and more like ongoing mental harassment.
I honestly would not want my personal information in India. They have some of the largest scam centers in the world. Those centers target elderly and vulnerable. And now I have to worry about my tax return and financial info being there? I do think that customers should be notified of this. Also, I have seen first hand how contractors in India have scammed the bank already. Literally a scheme to order bank laptops to their offices, strip bank stuff off and resell them. This literally has happened. Why would I trust that some scheming employee won't sell customer information. Leadership making these decisions are selling out our customers to save a few dollars on cheap labor. But later they will pay the same cost and higher to fix the messes they make and the cost of scams.
Knock me over with a feather. The bank should be renamed US Bank of India :-(