Has anyone in document custody heard anything about layoffs or anymore sites closing? We have had a few temp and permanent employees laid of here and there but I just have a feeling something biggers coming
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I worked for a different bank over 10 years ago that tried the exact same thing, outsourcing financial spreading to India.
It ended up being a failed experiment and we went back to the normal way after 6 months. I would imagine technology is better these days but still there's always going to be challenges when you're working with somebody across the world and have different communication styles. At the end of the day we just felt the occasional problems that came up were not worth it.
That being said back when I was at that old job I believe a basic credit analyst doing financial spreads was making around $50-$60k. The similar type pay for the India job was about $15k.
When loans come into underwriting that team takes the best tax returns then enters them into a program along with their debt to determine what the cash flow is. PM then takes the info and does an analysis of it. Saves the PM time in entering numbers and allows them to focus on decision making.
This may be a d-mb question but what is a financial spread team?
What kind of cost savings does this bank expect from outsourcing from doc custody? What a sick corrupt bank this is.
Heard the same about spreading. Being outsourced to India but they’re expected to stay on for sometime to check the people replacing them to ensure they are doing it correctly.
Heard the financial spreading team is being outsourced to India so most of the spread team will be laid off.