Skip to comments.JPMorgan Chase to Increase India Outsourcing 25%
Posted on 03/11/2009 7:16:27 PM PDT by driftdiver
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.
(Excerpt) Read more at businessweek.com ...
Yes, but it’s a global community we live in now.
Now, Indians can purchase products from America with their new jobs.
Wait for the crash and burn. The odds against it working out well are considerable.
“Wait for the crash and burn. The odds against it working out well are considerable.”
The loss of data will be considerable. The quality of this bank will drop dramatically. And thats before they send stuff offshore.
They aren’t using the money to send jobs overseas, presumably they’re saving money by sending jobs overseas, only increasing the (already near 100%) chance that the taxpayers will get the money back.
JPMC just lost us as customers AND depositors. Veddy, veddy sorry.
President Bush really said that:
As President Bush said in a speech during a trip to India in March 2006, And the class opportunity for our American farmers and entrepreneurs and small businesses to understand, there's a 300-million-person market of middle-class citizens here in India, and that if we can make a product they want, then it becomes -- at a reasonable price -- and then all of a sudden, people will be able to have a market here.
Jerks. I sincerely hope they go under, but then our taxes will be propping up these worthless welfare queens once again.
You hope the one remaining major American bank that’s still healthy goes under because they moved a few jobs overseas?
And you think you’re “pro-American” or something because you care about American jobs? What a hypocrite.
JPM will never, never be allowed to go down. Just google Federal Reserve and see the list of banks that own it then you will see the banks that will never be allowed to fail.
The taxpayers didn’t save JPMorgan from the brink. You have no idea what you’re talking about.
“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.”
Of course not. That TARP money just grew on trees didn't it.
You should just stop talking and start reading the WSJ once in a while.
Yeah, I really want to bail these guys out - so they can use the money to send jobs overseas.
Now where does "federal aid" come from?
The anger is misplaced. Many more companies will follow Chase due to the anti capitalist control of the government. The rats are driving up the cost of labor across industries effectively destroying labor markets. Unfortunately the workers’ paradise envisioned by the rats will turn into an ugly movement of jobs and investment.
I never denied that they received TARP money. But you’re an idiot if you say it was because they needed it to survive.
The government gave them money for two reasons: a) it wanted all banks, healthy and unhealthy to take it, and b) it wanted strong banks like JPMorgan to acquire weaker banks so they wouldn’t fail, and this would strengthen their ability to do so.
Why else would they take the money if they were not in trouble? There were numerous banks that refused TARP money because they were not in trouble and they did not want to put up with the restrictions the government imposed on the money.
it wanted strong banks like JPMorgan to acquire weaker banks so they wouldnt fail ...
That is silly. A strong bank buying out a weaker one will only weaken the strong bank. The weak banks should have been allowed to fail.
Regardless of the supposed strength of JPMorganChase, the fact remains that they are on welfare. Like any other bum, the least we can expect is that they have some loyalty to the taxpayers that contributed to their bottom line.
Whatever. I’m one of those taxpayers and I don’t care if they ship jobs overseas, and I doubt the average customer service representative (or whatever jobs they sent to India) pays much in the way of taxes anyway. I want them to do whatever improves their bottom line to maximize the chance we see a return on the TARP money we invested in them.
“They arent using the money to send jobs overseas, presumably theyre saving money by sending jobs overseas, only increasing the (already near 100%) chance that the taxpayers will get the money back.”
Yeah ok, their boss is close with BO. Didn’t BO make a bunch of campaign promises about not sending jobs overseas?
And now he’s helping companies pay for sending our jobs overseas. Cutting thousands of high paying jobs instead of creating jobs like he’s been promising.
“You hope the one remaining major American bank thats still healthy goes under because they moved a few jobs overseas?”
There are a lot of healthy American Banks. Just not a lot of healthy american banks who made bad business decisions.
in all fairness, they were force fed the $25 billion — their competitors got it, and they needed to get the same to keep competition even.
“in all fairness, they were force fed the $25 billion their competitors got it, and they needed to get the same to keep competition even.”
Not buying it, they took it because they wanted to. They are shipping the jobs overseas because they want to.
They were practically FORCED to take the TARP money. They didn’t need it, they were/are not in trouble. IF your major competitors get 25 b from the govt, then your competitiveness gets affected through no fault of yours. To level things out, the bulge bracket banks ALL got the funds.
They took it as they were forced it — and if you’re getting money for nothing, wouldn’t you?
It’s one thing to oppose TARP—I’m certainly no fan—but the hatred people on this site display for every bank and banker involved in it (and even many banks who personally had nothing to do with it) is astounding. You’d think you stumbled onto DU or something.
I disagree with them getting money, I disagree with them being ‘encouraged’ to take it. Most of all I disagree with companies getting a bailout sending jobs overseas.
The Wall Street Journal is the paper of record for useful idiots, having become useless shills for the business (now welfare welfare) elite long ago. The JP Morgan was bailed out by tarp as were all banks and AIG. They would have died with the rest of Bank of America and Citigroup without cash injections. TARP is only the tip of the iceberg, hundreds of billions more have been shoveled via the friendly elves at the federal reserve into them all without public knowledge or even superficial congressional oversight. The biggest fly in the ointment that few have recognized is counter-party risks. Banks owe each other money and if one of the big ones die, the others are set to enjoy the crap sandwich as well.
"The JP Morgan"? You don't even know the name of the company; why on earth should I assume you know anything else about the situation?
There's not a chance in the world JPMorgan would have failed.
Actually neither of you are correct, assuming you go with their public branded name and not 1 of the hundred other names they use.
Quibbling over a space is pretty desperate.
It’s not the space, it’s the “the” he put before their name. I wouldn’t quibble over a space, but adding “the” makes it sound like he’s completely unfamiliar with Wall Street, which makes his commentary on JPMorgan’s financial health laughable.
Valid enough — however as I said, they were ‘encouraged’ or ‘forced’ to take the money. Now, sending jobs overseas — the tricky thing is that it’s not sending a job overseas but importing a service, just like importing some goods. It’s nearly impossible in a connected world to stop services and goods from being imported or exported.
It was a typographical error caused by my rush to click post and I didn’t bother to proof read. Whaaagh Whaaaagh JP Morgan can’t fail. Just like how GM, Ford, Chrysler, AIG, Citigroup, Bank of America, Wachovia, WaMu, GE soon enough, et al couldn’t fail. Let me guess, you are busy growing Kudlow’s mustard seed.
“the tricky thing is that its not sending a job overseas but importing a service, just like importing some goods”
The work is being done overseas. The money is being sent overseas. The money stays overseas.
The only ‘import’ is the software or documentation associated with their product.
Its sending jobs overseas, pure and simple.
“This is importing a service, not exporting jobs, or else we could also say we are exporting jobs when we buy a German car, a Japanese TV set or a Scotch bottle of whisky.”
Boy you’ve really swallowed it hook line and sinker.
Nope, you’re just denying the fact that importing a service is the same as importing a good. If one says that getting a service (say a tech helpline) from Canada or Argentina or India is “exporting jobs”, then buying a Scotch whisky, German car, Japanese television, etc. is exporting Bourbon/US Automaker/US electronic maker jobs.
lets see, they get the money, the knowledge, and the work. Nope no import there. just the export of American dollars, jobs and know how.
Spoken like a true globalist.
Do you just sign your paychecks over to the hague or are they the ones writing them?
So, to warm up to my theme — if anyone buys a foreign made product, they’re in the same category as someone who gets a service from overseas.
So using your logic we should just outsource every single job and product that way we can get things really cheap.
We don’t need an economy here. We can get rich tradin hats to each other.
Nice try, you’ve stated you support outsourcing. Enough said.
I support keeping jobs in America, money in America, and our knowledge in America.
Big American companies are increasingly controlled by foreign nationals. Those same company’s are transferring our wealth out of America while using their American company status to impact elections.
JPMorgan is a perfect example of this.