Heard from grapevines that U.S. Bank is making moves to open GCCs (Global Capability Centers) of their own in Chennai and Hyderabad, in hush-hush deals. Could this be true? If so, HIRE (Halting International Relocation of Employment) Act, bill which was introduced in Congress on Sept-5th 2025 can’t come soon enough.
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There is almost 0% chance of that bill passing. The large tech and GSIB banks will spend billions fighting it and any house member that votes for it. Most of the GSIBs have 20-30% of their staff offshore in India and Manila. They would lose a ton of money if we implemented some kind of tax on that. Not saying it’s right, just reality.
Ugh. What a sh-t show!
@cj India is a high risk country for travel in the bank, but we have no problem hiring a bunch of people there. The entire country looks the other way when it comes to cheap labor markets. We are too dependent on it to do the right thing.
@b8 I would not be surprised to see investors demand companies increase the percentage of overseas employees to boost the stock. Consumers are rarely organized to make a difference in more than small number of cases.
It is cute that you think Congress is going to help.
Regarding customer information being in India, a known hub for online scammers, do we know who we are hiring there?
Need some legislation requiring uniform reporting of citizenship of workforce (direct employment and contract) for all American corporations. This will enable consumer stakeholders to take the business to places where they believe their own communities are being supported. Many business leaders are convinced that capital markets are the only stakeholders and that consumers are too uninformed to care enough to take actions in support of the American labor market. A simple browser plug-in while at the home page of business could report the uniform information making it easy for consumers to make informed decisions. No American needs to bank in India. Lots of customer information has no business over there.