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.
/s
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. ”
And Cheers!
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.”
Bambi’s Fault!
Of course not. That TARP money just grew on trees didn't it.
I repeat...
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.
Good idea!
JPMorgan Chase Clarifies Statement on TARP
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 wouldn’t 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.
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