JPMorgan to up outsourcing to India by 25%

[OhioChick]

Source: Economic Times India

9 Mar 2009, 1020 hrs IST, Pankaj Mishra, ET Bureau

BANGALORE: The second-biggest bank of the US, JP Morgan Chase, which acquired Washington Mutual and Bear Stearns recently, will increase its outsourcing to India by 25% this year to nearly $400 million. It will also manage the integration of the acquired companies from India to bring down the cost of integrating different information technology (IT) systems.

Right now, JP Morgan outsources $250-300 million worth of IT and back-office projects every year to Cognizant, TCS and Accenture, apart from to its own captive centre in Mumbai.

“JP Morgan CIO Guy Chiarello said last week that he will increase outsourcing to India, and will drive several integration projects from there,” a New York-based expert, familiar with JP Morgan’s outsourcing plans, told ET last week, on conditions of anonymity. A spokeswoman for JP Morgan India could not reply to an email query sent by ET on Friday, and the bank’s spokesperson in the US too did not reply.

“JP Morgan is one of the first banks in the US to have fleshed out its outsourcing strategy ever since the banking meltdown happened. Many others are still undecided about their IT spend,” said a senior official at one of the technology firms, who did not wish to be quoted.



Read more: http://economictimes.indiatimes.com/Infotech/ITeS/JPMorgan-to-up-outsourcing-to-India-by-25/articleshow/4242704.cms

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Nice..

[CatholicEdHead]

1. So much for domestic IT

[OhioChick]

2. Your tax dollars at work. n/t

[ChromeFoundry]

3. This is fucked up. n/t

[Towlie]

17. Yes it is. (Ha ha, I responded.)

[AndyA]

4. So nice to see our tax dollars go to support companies so they can

lay off Americans and outsource their jobs, which by the way, is partially responsible for this mess in the first place.

Congress should not give one cent to companies sending jobs overseas!

It's bad enough that these companies are cutting our throats open. Do they have to piss in the wound as well? Jump, Fuckers, Jump!

[xchrom]

5. india thrives in part because of 'protectionist'

policies.

us -- and the people who are supposed to be looking after our best interests -- not so much.

[BobRossi]

6. Beyond fucked up.

The assholes that do this should be outsourced.

[shadowknows69]

7. You know when this will stop?

When the CEOs are outsourced to India too.

[vaberella]

25. Or when we nationalize them. Send this shit to Obama because people are out of work

and willing to work for pittance. I'm actually going to call congressman rangel's office about this shit. And Pataki. Pataki is going to love this shit when he gets because he'll push for nationalization.

[pleah]

8. Why haven't they put a freeze on all outsourcing?

Our country needs these jobs and they keep shipping them overseas. :wtf:

They steal all our money and then, on top of that, they send even more jobs out of the country!
Damn them!:grr:

[truedelphi]

15. Maybe because as others have suggested, there is only one party in America

THE MONEY PARTY. You are in that party or you are dirt.

[Initech]

20. Yup. The almighty dollar rules all.

Why else do you think they put "In God We Trust" on all our money?

[truedelphi]

50. Hey, Milton, once you got your stapler back, I thought you

Would become cheer-ier. But nothing pleases you, does it?

I started channeling Sanjay Gupta, and now I feel much better about everything.

Knowing his bank account numbers and passwords has helped as well. (Those were the first tidbits of info I asked for, once the channeling ability took hold.)

[OhioChick]

39. It's beginning to look that way. n/t

[high density]

9. That's the ticket

I guess they should start focusing on the Indian market. We don't have the jobs in this country anymore to support these companies' products and services.

[acmavm]

10. Well in that case let's shovel a few more truckloads of money

their way so that their cost of doing business, illegal or legal, is zilch.

AIG getting more money, Countrywide crooks buying up the bad loans they wrote, now this shit.

This administration doesn't have a clue on how to handle OUR money.

[SammyWinstonJack]

29. Yes Indeed! And may I add for the bail out cheerleaders...

THANK GOD IT PASSED! x(

[acmavm]

32. Well, don't even get the idea I was one of 'em. I e-mailed AND

CALLED my reps and told them not to do it.

I e-mailed Ben Nelson about a month later and all I said was "how's that bailout working for ya now?"

This sucks.

[SammyWinstonJack]

46. I know you weren't.

;-) It does suck and I would like the DUers who promoted this, to weigh in now. :evilgrin:

[OhioChick]

47. Don't hold your breath waiting for that! n/t

[SammyWinstonJack]

48. I won't.

:-(

[The Backlash Cometh]

11. So, what American patriot runs JPMorgan?

[ihavenobias]

12. Oh come on, it's not like we need those jobs.

;)

[otohara]

13. Another Reason to Not Purchase Stock

from JPM and others who outsource American jobs and pay these workers with American tax payer money.

Fuckers

[placton]

14. Story of O: Jobs Overseas - ok by him

It is again clear that this administration is seemingly less liberal than Clinton's. We stupid fucking hippies can't see where the Bailout $$ are going - cuz much is going overseas!

[vaberella]

23. Who are you saying it's okay by? If you're talking Obama, his reach is only so far.

Further more, if this pisses you off enough and it sure pisses me off, send it to the White House email and let him know that JP Morgan Chase is fucking us. WE need these banks to nationalize so that we can control where they go and how they use the money. Autonomy is no longer an option for these assholes.

[otohara]

16. I Just Closed Our Chase Credit Card

and told them this constant outsourcing of American jobs is the reason

[ooglymoogly]

34. Better be careful. Morg@n has caused this crisis to buy up its competition

and socialize its losses, as it has done many times in the past. Three of my credit cards are now Morg@n Cha$e that used to be separate entities. The only card I have outside them is Household bank who has recently amended their terms and is now 20% and has lowered my max from 6000 to 1800 to now 600 even though since I got the card about 5 years ago; In one of those 0% for a year, 9% thereafter offers I have never missed a payment nor been late on a payment nor failed to largely overpay the minimum. Look for them to be the next to be gobbled up by Morg@n. Soon there will be no place to go.

[otohara]

38. WaMu

we're paying them money already and we have one other Chase card.
We pay our small balances every month, always have for 21 years.
Monopoly....

[ooglymoogly]

40. WaMu was my favorite card and they were the nicest people

Now I am preparing for the worst.

[Mark D.]

18. Who Runs It?

It's moot to ask who runs it. This or that CEO or CIO. The Morgan Family still runs it from their mansions. They put executives in place that can execute their plans. It does not surprise me they would be championing the cause to outsource. As stated above, they caused this. JP Morgan Chase has the biggest Hedge Fund. HF's are the core cause of the housing and thus total financial crisis. The same way JP Morgan Jr. steered us into the Great Depression via the Federal Reserve he and his father crafted. The same way their Trust once ran 90% of all major US business before Teddy Roosevelt superficially cut them down with anti-Trust laws (and was the recipient of an assassination attempt by a 'crazed lone gunman' (sound familiar?) after leaving office).

JP Morgan Sr. owned the shipping lines the Titanic was on, and had a ticket but suddenly canceled last minute. He owned the railroads that worked with JD Rockefeller's brother who hired the first true power in the Bush family (Prescott's father). JP Morgan Sr. financed Standard Oil which created the Rockefeller wealth. They crafted the market / banking scare of 1907 that caused a falsely perceived 'need' for a Federal Reserve to 'keep it from happening again' (that worked great, didn't it)? JP Morgan Jr. brokered all the major banking transactions in WW1 (a war for banker / corporate profit, as every war since 1812 has been fought for). Chase Bank was the bank of the Nazis, now it's the bank of the UN. Chase Manhattan headquarters is next to a bunch of other important Manhattan buildings.

GE headquarters (GE was formed by Morgan brokering a merger of Edison Electric and its nearest competitor). Rockefeller Center, the Rockefeller Tower. The United Nations Building. And finally, the NY Federal Reserve office. Morgan is the only banker in world history to have bailed out the US government, and they did it TWICE. JP's father worked for the Rothschild banking empire in the City State of London, within London (originators of the IMF/World Bank nightmare). His GRANDFATHER founded AETNA. Yeah, the first and largest health insurer. The leader in the fight to keep healthcare private, for-profit, and the biggest ponzi scheme of all.

AENTA administers MEDICARE which explains why it's so poorly run. JP Morgan Chase cuts their checks (talk about a lot of money going through their hands to profit from interest, they write millions of checks). Their 2nd largest 'competitor' United Healthcare - Chase writes their checks. Folks, they run everything. The economic ups and downs, the sickening of our people, the outsourcing of jobs, the wars for profit, everything you see wrong has been largely created by a few families. Rothschild, Morgan, Rockefeller, and Bush. So little they do is 'criminal' since laws are written to permit their actions, or influence to prevent enforcement is bought.

[ooglymoogly]

35. We are two of the few who have, through a lot of reserch

figured this mess out. The first time I posted this, 6 months ago, my post was sent to the dungeon and I was admonished for being anti Semitic for, while never mentioning any race, bringing in a Jekyll Island site which nails the story as does Wikipedia.

[Initech]

19. Fuck them. We need some fuckin' jobs here damn it.

:mad:

[jus_the_facts]

21. Great they have two operation centers here....we already lost State Farm ...GM Guide...

...and International Paper...within the last 4 years...this will be another huge blow to our local economy if there's a layoff here. :(

[vaberella]

22. I'm taking my money out of chase soon. More fucking of Americans when a job for a janitor had 700

applicants... fucked up.

[HereSince1628]

24. Clearly the Fuckheads at JP Morgan do not understand US job creation

They should be hung their anal sphincters and their long slow dessication should be celebrated.

[vaberella]

26. Can we organize a boycott of JPMorgan Chase?! I think I will start a protest around my way in NYC.

A loud organized protest to boycott Chase and for people to take their money out. I don't care about bank-running this shitty bank.

[jdadd]

30. I have a Chase card.....

They hate people like me, I never carry a balance, always pay on time. I let my rewards accumulate till I get $200.00, so they will pay me a bonus of $50.00 another cash back promotion... I've been screwing them for years now.... :evilgrin:

[dkofos]

27. That $400 million could employ 6500+ US citizens at $60k.

My list of who I will NEVER do business with grows larger every day.

[ooglymoogly]

28. Sooo after raping and pillaging the taxpayer for the umpteenth time

This band of thieves who's accomplishments were the great depression and another newer and more complete great depression at this juncture; With many small ones in between and many before; And now we have another rape of taxpayer dollars by these thieves who keep stealing our economy stealing the last farthing; Every time our economy seems to be working and builds a little cushion for these soulless folks to drool over and figure out a way to steal even our last starving gasp; With our government in on the haul. They have taken us for chumps....we are chumps.

[aquart]

31. Seriously, what do these idiots use for brains?

[girl gone mad]

33. Don't do business with JP Morgan.

I always get someone in America when I call Fidelity.

[LovableScamp]

36. Citi Bank has been doing the same

thing over at least the last 9 months in their Sioux Falls headquarters. I dont work there but knowing people that do... have said that over the past few months, delegations from India have been in the bank and reviewing certain departments such as customer service, school loans, new business and others to see if it's a viable department to bring over to India.

[eppur_se_muova]

37. And critics say the stimulus money hasn't helped any -- pshaw! nt

[prolesunited]

41. Make them pay back

the U.S. tax money first.

[KamaAina]

42. Those must be the jobs that Americans won't do

:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

[KamaAina]

43. If there is another round of bailouts,

I say we give it to everyone who isn't pulling crap like this. This is the moral equivalent of the automakers' private jets. :grr:

[OhioChick]

44. I couldn't agree with you more. n/t

[pinniped]

45. I talked to a couple of these guys last week and both were assholes.

They're probably fucking with my closed account and trying to identity theft me right about now.

Some asshole tried to steal my identity a few years ago.

[Supersedeas]

49. and CNBC will probably applaud this as a positive move for SHAREHOLDERS