JPMorgan to up outsourcing to India by 25%

[dbackjon]

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.
http://economictimes.indiatimes.com/Inf ... 242704.cms

[AZGrizFan]

Until people start paying their fcuking bills, banks and credit unions have to figure out how to right the ship somehow.

[dbackjon]

Until people start paying their fcuking bills, banks and credit unions have to figure out how to right the ship somehow.

Even if the same banks are getting billions of federal (i.e. our) money to right the ship, but they are laying off the very people that are needed to make them money?


It is one way trip, Z - we can't keep exporting our jobs, and hope to remain a viable economy.

[AZGrizFan]

Until people start paying their fcuking bills, banks and credit unions have to figure out how to right the ship somehow.

Even if the same banks are getting billions of federal (i.e. our) money to right the ship, but they are laying off the very people that are needed to make them money?


It is one way trip, Z - we can't keep exporting our jobs, and hope to remain a viable economy.

Jon....the money they're getting is in the form of CAPITAL. And that capital will quickly be eaten away if losses continue because people continue not paying their bills. We see people EVERY DAY turn in cars and houses because they "just don't feel like paying for them anymore"...and NOT because they've had a job issue, or because their mortgage was "toxic" (God, I hate that word)...they're just using the current economy as an excuse to get out of an obligation that THEY SIGNED A CONTRACT FOR. The moral fiber of this country is in the shitter, and people have an "it's not my responsibility" mentality that is flat scary. Obama can throw all the billions he wants at the problem, but until people take PERSONAL ACCOUNTABILITY for their responsibilities, companies have to do whatever they can to prop up their financials.

[dbackjon]

And we are reaping what we have been sowing for decades - outsourcing, moving jobs overseas - all in the name of higher and higher short term margins.

It has to stop, or there will be no one left to put money into your credit union.

[AZGrizFan]

And we are reaping what we have been sowing for decades - outsourcing, moving jobs overseas - all in the name of higher and higher short term margins.

It has to stop, or there will be no one left to put money into your credit union.

Actually, the credit union is growing by leaps and bounds.

[Cap'n Cat]

Conks have no standing in this, bitching about sending jobs overseas. It's capitalism, it's how the market handles such things, right?

God Bless Ronald Reagan.

[Gil Dobie]

Until people start paying their fcuking bills, banks and credit unions have to figure out how to right the ship somehow.

I'll work twice as hard for them for less money then they pay them. There are a lot of onshore people that would do the same thing.

[dbackjon]

Until people start paying their fcuking bills, banks and credit unions have to figure out how to right the ship somehow.

I'll work twice as hard for them for less money then they pay them. There are a lot of onshore people that would do the same thing.

And there are no language/time problems

[Gil Dobie]

I'll work twice as hard for them for less money then they pay them. There are a lot of onshore people that would do the same thing.

And there are no language/time problems

I know of several companies backing off the outsourcing after finding out it's getting more expensive. Target went and created their own company in India to technically bypass the outsourcing cost of the middle-man (contracting firms).

[dbackjon]

And there are no language/time problems

I know of several companies backing off the outsourcing after finding out it's getting more expensive. Target went and created their own company in India to technically bypass the outsourcing cost of the middle-man (contracting firms).

that still doesn't solve the language/cultural barriers, though.

[Grizalltheway]

Anyone else think that chick from Slumdog Millionaire was smoking hot?