You might ask, "How much money did JP Morgan Chase receive from the bailout? And how much of the bailout money is Chase using to increase outsourcing to India?"
America's second-largest bank plans to spend $400 million on work outsourced to India to streamline its IT operations.
America's second-largest bank plans to spend $400 million on work outsourced to India to streamline its IT operations.
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.
This is not going to be seen by Washington very favourably. Stimulation packages being given to the banks specify that they must hire US workers.
In 2008, JP Morgan Chase, which received $25 billion in emergency bailout money, said some of the money was lent and some was not, and the bank has not given any accounting of exactly how the money is being used.
In 2008, JP Morgan Chase, which received $25 billion in emergency bailout money, said some of the money was lent and some was not, and the bank has not given any accounting of exactly how the money is being used.
Jobs, money...what else will they outsource? Are you feeling like a sucker yet?
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