WCiBO call today discussed why we are now USBank India . Reasoning was because all the other banks are offshoring, we are now a global company and we need workers across the globe to serve our global customers. Also said required to have employees in India for regulatory reasons.
Did I miss anything else?
Like Susan Collin’s, I am concerned, especially with talk about helping us find another job and severance.
Oh well, at least we get severance
Yes, the mismanagement and investment desert landscape at Elavon is eerily similar to the manner in which U.S. Bank burned out Piper Jaffray in the early 2000's, in which they ran a business in the ground which they did not understand and which was obviously not a traditional banking entity. Abandoned the investment to keep the company competitive, forced talent out or into minimal roles, put mediocre leadership in place and finally sold it off while it still had value. The same pattern seems to be re-emerging at Elavon, particularly since it continues to lose significant merchants, significant talent, market share and long term referral and relationship partners.
@tt I don't think you truly understand the word wealthy. Does your "life experience" include spending time on this site?
@tp cool thing is that with age (and a bit of higher risk investing) I am independently wealthy. I am seeking life experience and if the bank could facilitate that, I’d jump at the opportunity. Oh, with wealth, what people think or say about me is not at all concerning.
@qy they talk sh-t about you and your kind behind your back. The topics of discussion about you at weekend parties are beyond your wildest imagination.
@qy Settle down, Colonizer.
I’m looking for a change. Am going to see if you can move to India and do my job there. I am of Nordic ancestry blue eyed berserker look. A bit older and educated. When I interact with Indians they treat me with crazy respect so they must consider me like a Brahmin. Makes me uncomfortable but I think I could whip up efficiencies there. I’m being serious.
Yes, Elavon and the various parts of it all seem to be on the block for sale, trade or joint venture, senior leaders are backing away from their Elavon responsibilities, leaving others to take responsibility for the complete failure of imaging Elavon is actually a payments company, completely run into the ground by its parent bank.
@eq Its a matter of scale. If we boycott the biggest offenders, that's where we get the most bang for it.
I do know the outsourcing, H1B, and offshoring cancer is everywhere and is largely unavoidable completely, but you have to do something.
@eq so what should we do. Bury the gold in the backyard?? Indirect offshoring is not the same as what USB is doing here and you know it.
@ce You don’t think credit unions have offshore. Directly or indirectly, yes they do. US Bank writes credit cards for hundreds of credit unions. If these credit unions want to provide their customers a credit card they don’t have the capability to do it, so a bigger bank will do it for them. Most credit unions have at least indirect offshore. So, you are putting your money into a credit union that supports offshoring
Global? For F-u-c-k's sake we are barely a National company. Just compare the footprint of USB to JPM, BofA, Citi or Wells and you will see it. Now they maybe talking about having a global workforce which does not make a company global. I can be a solo entrepreneur and hire a couple people in India. Does that make me a CEO of a GLOBAL company? H-e-l-l no! One needs global clientele, a customer base that buys its main products and services to qualify as a multi-national or global corporation.
Global my a$$!!
We can vote with our wallets but the OP of this thread makes a good point: https://www.thelayoff.com/t/1kxhyce4y
The legs of offshoring companies need to be cut out from under them. We let them gut blue collar jobs. We can't let them do the same to white collar jobs too.
@cn 'Ignoring the only global examples I'm aware of in the company, explain to me how the non-global business lines are considered global.'
You're a tw-t.
The indian people use AI to do everything. They don’t even review the work after. work product is terrible, and they like to not work.
The auditors are going to love US Bank once the slop sets in. Let’s hope GK is around for that convo and fine.
@cn You proved the point with your own statement. Regardless of how you feel about it.
Please elaborate on how CBB and RPS BLs are "global". The most "global" BL is Elavon which is dying and presumably will be spun off.
That's terrible
@b5 I agree. Put your money into local credit unions.
@a3 All you can really do is fight back with your wallet. That's about it.
Pull your assets out of the institutions that offshore. Keep them with institutions that hire locally, like credit unions.
That's about all we can do, as consumers in the US, to combat this.
@a3 We are, in fact, a global company. I don't agree with the massive push towards offshoring whatsoever, but pretending that we were 100% US-based before this is inaccurate and ignorant. We have had offices in Canada, Poland, Ireland, England, and more for years. We have employees in offices around the globe because we are global.
Go trump….just saying…. Bring jobs back, …sure
@OP I don’t know what WCiBO Is. Is it tech that is going offshore for them? Product Owners? What exactly is going offshore? I hear plenty of onshore hiring for some business lines. I hear scrum masters are going away and trimming the fat in marketing a bit.
@a3 hit the nail on the head
This is part of the playbook now it seems for corporations and even medium sized companies. I just saw a company local to me having their own global capability Center in India. This is a company that has probably 100 people local.
I'm telling you there needs to be a culture shift in this country in this society. People need to really push back somehow and demonize companies who destroy American jobs and create India jobs. Especially if they enjoy all the revenue they get from American consumers but can't get themselves to pay American compensation. We are not a global company. I'm sorry but a credit card machine sending in a store in Avon doesn't count. We don't have branches in any country other than the US.
The sh-t that executive says so they can feel good about themselves and sleep at night knowing they are destroying American jobs, and our culture lets them get away with it.
I just learned about my area losing another person due to termination and they will not backfill it but they have no problem hiring plenty of people of the same job title in india.
They are no longer investing seriously in America they are now investing in india.