Since 2020 to present US Bank has been offshoring jobs to India. It started with IT and now financial spreading employees. This does not feel right at all. Be interested in hear comments on this.
15 replies (most recent on top)
@1rkz I know this was awhile ago but since you posted, they finally notified PMAs of the transition to India employees. Any more insight of when the final transition will be complete and Portfolio monitor analyst spreaders will officially be layed off?
Working well for them. Their customer service and quality has really taken a dive.
It just isn't right.
Top 20 countries that protect their citizens and USA is not one of them.
Well when no one has a job no one will deposit money in the bank, maybe then they will rethink sending all of these jobs overseas.
Well they've already offshored the job of president and 40% of the Managing Committee, so it's not a complete surprise.
Once the Ncino is up and running. There will be more cuts in the Portfolio Management, credit analysis and spreading space. These positions will be considered credits operations and will be someday outsource to other countries with much more and significant less salaries, plus no medical coverage, no PTOs, 401k and no pensions. While, conveintly the Dollar will remain strong against outsourcing countries Indian, Polish. and the Philippines currencies.
Don't know why there are brick and mortar banks anymore. I haven't set foot in a bank in 4 or 5 years. Traditionally found in high rent areas with poor parking. My small bank recently replaced tellers and drive thrus with what looks like a big copy machine with one person guarding the door and no staff.
I have been laid off three times in the last 12 years to offshoring. This is nothing new. Maybe US Bank delayed it longer. Insurance industry offshored everything except claims and underwriting years ago. Big finance and tech are moving more and more offshore or bringing in contractors from India for many years. Many of the contractors I work with now have been in this country for years and are now US citizens. My son is a plumber and another is a pipe fitter. They are making big money and have great benefits. I am glad they took that route. Encouraging younger people to get into the trades is a good idea.
U.S. Bangalore
US Bank needs to change their name to just Bank.
When asked on a large call about spreading financials in India what customers would think about this. We were told that customers don’t need to know where the spreaders are from. Also if you look at the directory for these India contractors they are mainly all home based in India. So much for the secure clean room.
Same here totally agree 100%. When WCIBO merged Corporate and Commercial Banking recently. We were laid off and checked off their list: long term employees with 20-30-40 years in service and w/ pensions made the list to be terminated or laid off or HUB-out!!! We were discarded…..and still processing…,
Anyone else hear about plans to outsource a big chunk of service jobs to Philippines? I heard it might be customer contact centers, employee service centers and recruiting.
I agree, it’s a concerning trend. Additionally, a senior leader was talking last week about how great AI is and the example he gave was “a man speaking English with an Indian accent was made to sound like he was from Texas with the use of AI”. Absolutely disgusting, and so dismissive to the many colleagues I work with here in the state with various accents.
After the dust settled from the merger, the cost of nCino and it’s capabilities, the birth of WCIBO and the many re-orgs that happened during the last 2 years = layoffs, offshoring jobs to India, Poland and the Philippines. Hopefully, the USB stock price will go up to 60 plus in 2025.