Watch out Wall Streeters: Your jobs are moving to Mumbai India
Morgan Stanley is moving jobs overseas.
“The US bank set out a plan to cut costs back in January, and CEO James Gorman said at the time that “too many employees” were based in high-cost centers.
“Now is the time to tackle head-on our infrastructure costs,” he said.
Jonathan Pruzan, chief financial officer at the bank, provided an update on the situation at the Barclays Financial Services Conference on Monday.
“We said we were going to deploy 1250 people into our lower cost centers of excellence in Mumbai and other parts of the world,” he said. “We have had about 450 jobs that we’ve put in those centers so far.”
“To date, the vast, vast majority has been through attrition, so when someone leaves in a core location, we replace that in one of these centers of excellence,” he added.
Morgan Stanley isn’t the only bank pulling this move. UBS has a plan to move about 2,500 jobs to low-cost locations such as Poland, India, China, and Nashville, Tennessee, over the next year.
And at Goldman Sachs, around a quarter of the bank’s staff work in low-cost “strategic locations” like Bengaluru, Salt Lake City and Dallas.”
….Continue reading @ Yahoo Finance
Dell-EMC to Lay Off 2,000 – 3,000 US Workers after Requesting 5,000 H-1B Visas & Green Cards to Import Foreign Workers
Trying to find efficiencies and synergies to save $1.7 billion.
The ink was barely dry on Dell’s acquisition of EMC, the largest technology deal ever, valued at $67 billion when it was announced in October last year – and already the layoff rumors are oozing from the woodwork.
“People familiar with the company’s plans” told Bloomberg that Dell will cut 2,000 to 3,000 jobs.
Dell spokesman Dave Farmer refused to comment specifically on the report on Thursday but said instead, as sort of a confirmation: “As is common with deals of this size, there will be some overlaps we will need to manage and where some employee reduction will occur.”
On Wednesday, the day the deal closed, CEO Michael Dell gave some clues in an interview: “There are some overlapping functions and that sort of thing – that’s not the primary feature of this, but there is some of that.”
These “overlaps” or “overlapping functions” are terms in corporate speak for real people, and these real people are mostly working in the US, according to the report: supply chain, marketing, and general and administrative positions.
Dell is trying to find some efficiencies and synergies to save about $1.7 billion in the first 18 months after the deal closes, so starting from Wednesday. They’re not dilly-dallying around cutting costs and laying off people.”
…Continue reading more @ Wolfstreet