http://www.thisismoney.com/20031012/nm68936.html
Bank of America to axe City jobs
Sarah Bridge, Mail on Sunday
12 October 2003
HUNDREDS of Bank of America employees in the UK have been warned that
their jobs are at risk as the banking giant shifts part of its
operations to India.
The bank, which has recently been the subject of merger speculation
with Barclays, employs 1,000 staff in two offices in the City and a
further 800 in its office in Bromley, Kent.
The two City offices are being merged into one operation in London's
Canary Wharf.
Sources in the Bromley offices say that managers have told them to
'expect the worst'. One staff member told Financial Mail: 'We were in
shock when we heard the news, but now we're philosophical about it.
'The US operations have already shifted some of their business to
India and now it's just a matter of waiting to see who is going to be
safe and who should start looking for another job.'
A spokeswoman for the company admitted that the bank was opening a
subsidiary in India in April next year and that 'there is the
possibility that some jobs will be eliminated'.
She added that outsourcing part of the banking process was a
costcutting measure that a third of the top US companies had already
put into progress.
But she also claimed that no decision had yet been taken on which
operations might be moved and how many jobs could be affected.
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