KeyCorp plans to outsource jobs

[OhioChick]

Source: timesunion.com

At least 200 technology and product-support positions to be moved to India under proposal
First published: Wednesday, February 27, 2008

KeyCorp is pushing ahead with an outsourcing plan likely to result in the shifting of 200 to 400 jobs to India.

The plans, expected to affect technology and product-support workers, were outlined Friday during an electronic "town meeting" involving workers nationwide and company officials in Cleveland, where the banking company is headquartered.

Alan Buffington, a Key vice president for enterprise systems development, told employees the bank is considering three proposals from Indian companies. The number of jobs outsourced will depend on which proposal the company accepts, he said.

"Everybody would like to know how many people will not have jobs," Buffington said during the private meeting. "I really don't have an answer."

The Times Union listened Tuesday to a taped version of the meeting.

It's unclear how many Capital Region workers will be affected by the outsourcing.




Read more: http://timesunion.com/AspStories/story.asp?storyID=667139&category=BUSINESS&newsdate=2/27/2008

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More Americans losing jobs for cheap-ass labor.

[Dont_Bogart_the_Pretzel]

1. Too bad about Mexico

If the Mexican people were smart as the India's then they would get our Tech jobs /sarcasm/

[Dr.Phool]

2. They outsourced my wife's entire department 5 years ago.

She worked in the Dept. that handled 401k's.

[OhioChick]

3. Done Deal....

Indians To Take Over KeyCorp Jobs In Outsourcing Plan

February 28, 2008 7:48 a.m. EST


Cleveland, OH (AHN) - KeyCorp, owner of KeyBank, is outsourcing from 200 to 400 technology and product-support jobs to India.

Alan Buffington, a Key vice president for enterprise systems development, revealed the plan to employees during an electronic "town meeting" on Friday. According to Timesunion.com, the official said the exact number of jobs to be outsourced will depend on the outcome of the bidding for the outsourcing contract.

Three Indian firms are vying for the contract, each offering a different number of employees who will take over American jobs.

The outsourcing is to be undertaken to save KeyCorp an estimated $10 million annually. Buffington said cost-cutting is necessary in the light of financial problems besetting the financial services industry.

KeyCorp's fourth quarter net income in 2007 was down to $25 million from $146 million in the same period in 2006. It posted a net income of $919 million last year compared to $1.056 billion in 2006.

The company has about 19,000 employees in the U.S.

http://www.allheadlinenews.com/articles/7010175349

This will really help Cleveland. :sarcasm:

[customerserviceguy]

4. I just opened an account with KeyBank

I really, really tried to get something done with my local credit union, but they bungled up my name, and after six weeks (with constant complaining until just about ten days ago) I still cannot access my account records online. Key had me up and running in a week, I just had to wait for the debit card to arrive, probably a security measure designed to see if I had a verifiable address.

Maybe my credit union should outsource its IT to India, those folks sure have some tech experts that my CU doesn't seem to have...