Bank of America Cuts 12,500 Jobs

msnbc ^ | 4/5/04 | Reuters

[busybody]

NEW YORK - Bank of America Corp. on Monday said it plans to cut 12,500 jobs as a result of its $48 billion purchase of FleetBoston Financial Corp. Chief Executive Kenneth Lewis has targeted $1.6 billion of cost savings from the merger. The cuts will take place over the next two years, and about 30 percent of them will come through attrition, the bank said. Charlotte, North Carolina-based Bank of America on April 1 completed its purchase of Fleet. The purchase created the No. 3 U.S. bank, after Citigroup Inc. and J.P. Morgan Chase & Co., once the latter buys Bank One Corp.. Bank of America has about $938 billion of assets, 5,700 banking offices in 29 states and Washington, D.C., and about 36 million customers.

[busybody]

This is the bank that has outsourced much of its IT to India. Like many other multinational corporations, BOA reaps the benefits of having corporate offices in America, but has absolutely no concern for the social and long-term economic consquences of its outsourcing policies.

[Joe Hadenuf]

I quit BofA years ago...I have no time for them.

[cmsgop]

I have never done the B of A thing.......

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[Eric in the Ozarks]

Creative destruction.

[oceanview]

I'm dumping my Fleet account, this is the end.

[upchuck]

Why did you post this? It's a duplicate of this^.

Did you do a search^ before posting this?

[busybody]

Look at Banknorth as an alternative. They are local to Massachusets, NH, New York and Maine and they DO NOT outsouce any of their back office functions.

[busybody]

Oops, sorry for the dulicate post.

[upchuck]

No problem. When I go to post an article, a good 80% of the time I discover via a search that it's already been posted. FReepers are damned quick, especially if the article is by Ann Coulter :)

[GeronL]

Bush's fault??

[Mariner]

Actually, B of A just signed a $5-$7bil outsource agreement with EDS........Ross Perots' old company out of Plano Texas.

It doesn't include applications so there'll be no sourcing to India or any other country besides the US.

Granted, they may be dabbling with other contracts, but this is the big one and it's all American.

[Vince Ferrer]

It doesn't include applications so there'll be no sourcing to India or any other country besides the US.

That's because the applications are already gone. The EDS stuff looks like it needs a physical presence in the US. Everything not tied down, however, gets sent to India.

Bank of America to step up outsourcing to India

[neutrino]

Let's see now. Bank of America handles customer accounts and credit cards. And it loves to outsource offshore.

A conspiracy in England nabbed Eight British citizens of Pakistani descent in a chemical bomb plot. source

Is it possible - just possible - that terrorists could compromise and use this information? Could they use a stolen credit card - yours or mine, perhaps? - to purchase the raw materials of a terrorist attack?

If you want on or off my offshoring ping list, please FReepmail me!

[findingtruth]

Let's see now. Bank of America handles customer accounts and credit cards. And it loves to outsource offshore. A conspiracy in England nabbed Eight British citizens of Pakistani descent in a chemical bomb plot. Is it possible - just possible - that terrorists could compromise and use this information? Could they use a stolen credit card - yours or mine, perhaps? - to purchase the raw materials of a terrorist attack?

Additional purchasing always benefits the economy, and the reduced costs from outsourcing always benefits consumers. Both ways, outsourcing is a good thing.

[neutrino]

Additional purchasing always benefits the economy,

And who will be doing this purchasing? The newly unemployed, perchance?

and the reduced costs from outsourcing always benefits consumers.

Really? Even when they lose their employment? Even when these consumers are also producers who lose business from the newly unemployed?

Both ways, outsourcing is a good thing.

Ahh, yes, the central article of faith among the free trade claque. And if we have no industrial base to supply the military, that's OK? If we have no privacy because of the lack of regulatory oversight of offshore contractors, that's OK too?

What a terrible price we pay for those Wally World trinkets!

[techwench]

it might be that findingtruth had his/her tongue firmly planted in his/her cheek (let's hope so)

[tdadams]

Bank of America handles customer accounts and credit cards. And it loves to outsource offshore. A conspiracy in England nabbed Eight British citizens of Pakistani descent in a chemical bomb plot. Is it possible - just possible - that terrorists could compromise and use this information?

Unless you know something we don't, most outsourcing is going to India, not Pakistan. And it's not Indians and Hindus that are carrying out terrorist attacks. Methinks you enjoy fantastical conspiracy theories too much.

[InABunkerUnderSF]

Unless you know something we don't, most outsourcing is going to India, not Pakistan. And it's not Indians and Hindus that are carrying out terrorist attacks. Methinks you enjoy fantastical conspiracy theories too much.

(1) Privacy protection laws in India are not much better than in Pakistan.

(2) Do you think that someone making $3000 a year could be encouraged to sell account information, even to someone who doesn't share their religious believes?

During the early '80s a friend of mine worked at the data center of an American travel services company near Phoenix, AZ. He told me that one of the little weekly jobs they had to do, in this age before e-mail, was to print up the transaction register for one of their accounts and ship the report off to an address in Northern Virginia. The account is question was for a certain Ms. Raisa Gorbachova of Moscow, USSR. Seems someone in our government was very interested in how she used he platinum card. This leads one to suspect that credit card records could have intelligence value.

[findingtruth]

Additional purchasing always benefits the economy,

And who will be doing this purchasing? The newly unemployed, perchance?

As you pointed out yourself, the terrorists will do the purchasing with stolen credit card info.

and the reduced costs from outsourcing always benefits consumers.

Really? Even when they lose their employment?

They can always go on welfare, can't they? The government can easily pay for the welfare by slapping tariffs on Chinese imports. No, I take that back -- that would be anti-free trade. Oh well, the government could always get more money by borrowing.