How many people were let got in ‘24 and early ‘25 due to offshoring ?
2 replies (most recent on top)
@a2 is correct. “Ops Transformation“ started 2 years ago & associates were told to keep it hush, hush!! In October 2024, leadership disclosed it to the division & it wasn’t out of transparency. Purdy meetings used all those buzzwords we love to hate. VSP is completely “voluntary “ but you risk getting an ISP in the future. That’s what happened to me. I was informed my job was being eliminated. Had nothing to do with AI or automation. It was being “offshored “ aka India. My job responsibilities have slowly transitioned over to Cognizant & I’m training them on other job functions. It su-ks. As I sit doing little to nothing all day but CE and Finra CE courses, “offshore” are the only reason I’m still employed until the firm releases me after taking the “technically” 3rd VSP offer. I just want to finish out my nearly 3 decades of service & collect my $ & put this once great firm in the rear view mirror. Former colleagues who left years ago have told me the grass is greener on the other side. I sure hope so. They definitely appear happier.
In the operations division it was in the 100s. It started in 2023 and was kept quiet from the rest of the company. We trained our replacements and contractors are 2/1 ratio of US based associates.