WACHOVIA BANK TO OFFSHORE THOUSANDS OF NC JOBS

Submitted by NCVoter on Sat, 03/10/2007 - 10:48pm.

WACHOVIA BANK CORP - Riches for CEO, Unemployment for workers -

Wachovia CEO gets $18 Million March 10, 2007. CHARLOTTE - The chairman and chief executive of Wachovia Corp., Ken Thompson, received compensation that the company valued at nearly $18.4 million in 2006, according to a regulatory filing yesterday.
http://www.journalnow.com/servlet/Satellite?pagename=WSJ%2FMGArticle%2FWSJ_BasicArticle&c=MGArticle&cid=1173350135956&path=!business&s=1037645507703

AND, SOON TO OUTSOURCE NORTH CAROLINA PROCESSING JOBS TO INDIA

Businessweek JANUARY 30, 2006

Wachovia will have outsourced 500 to 1,000 jobs, with plans to move an additional 3,000 or so by the end of 2007. ..Most, but not all, of those jobs are going to India....
Still, Wachovia expects offshore outsourcing to produce big gains for the bank.
Wachovia believes that offshoring will be a key component of its goal to take out $600 million to $1 billion in costs over a three-year period
http://www.businessweek.com/magazine/content/06_05/b3969422.htm

In the article, Wachovia emphasizes that they aren't outsourcing call center work.

NO, but in a few weeks, Indian Contracting Firm Gentec will be visiting main Wachovia operation centers in North Carolina. These contractors will come sit at desks in many departments in Winston Salem and possibly Charlotte.

They will observe the employees at work to see which of their jobs they can offshore.
***I don't know of any processing jobs that don't involve reviewing a customer's account and or personal information. Account information may include ss #, birth date, drivers license number etc.

Do Wachovia's large customers know about this change?

Further, will Indian contracting firm Gentec be bound to US Banking laws?

0

Good Questions

Submitted by Linda on Sun, 03/11/2007 - 2:16am.

I wonder how the employees being observed will feel?

"Be the change you wish to see in the world." - Gandhi

This is typical of the large banks

Submitted by veterandem on Sun, 03/11/2007 - 9:05am.

My wife almost took a job with BoA back in 2003 (we weren't married then) in Norfolk as a database administrator. As it turned out, she did not take the job (yeah for us) and within two months of her decision not to go, they closed that facility, shipped all of the jobs overseas. Funny thing is though, about a year later, they brought them back, no reason why either.

That's the problem with large corporations, they have all of the power, and the rest of us schmucks have to live with it.

Another reason to go credit union

Submitted by SPLib on Mon, 03/12/2007 - 8:41am.

The credit union is there to serve you, the member. The commercial bank is there to serve their shareholders.

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