KeyBank Lays Off 120 Workers

[OhioChick]

Source: Newsnet5

1:47 pm EDT March 19, 2009

CLEVELAND -- KeyBank is laying off 120 workers in its technology and operations division.

Bank leaders said the decision is an effort to re-align and prioritize projects.

One hundred of those employees work in the old May Company building downtown.


Read more: http://www.newsnet5.com/news/18967520/detail.html

---

Wonder where these jobs will go?

[ihavenobias]

1. Somewhere with cheap labor to be exploited?

I know, it's obvious.

:)

[aggiesal]

2. Because it is in the Technology division, ...

I'd agree 100%, that they will be realigning in some country where they
can exploit the cheap labor.

Soon all these companies will not have any customers because we can no
longer afford their services without jobs.

So, keep exporting our jobs, hopefully upper management will be searching
for jobs soon. After they accept their retention bonus of course.

[OhioChick]

3. Damn....how'd you know?

Seems to be a pattern, wouldn't you say?

[ihavenobias]

7. I just got my crystal ball back from the shop! n/t

[Po_d Mainiac]

4. I hate seeing anyone getting a pink slip, as for Key Bank Corp..

Whom I have had nothing but grief with. I can't w8 for them to be sliced, diced, and morphed back into the local banks they destroyed.
If there is any confusion about how I feel about the assholes at Key Bank Corporate HQ....They SUCK

[ChromeFoundry]

5. They'll go where KeyCorp sent the last batch of IT jobs...to India.

KeyCorp plans to outsource jobs
At least 200 technology and product-support positions to be moved to India under proposal

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."

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

[babylonsister]

6. That's probably a good guess. nt

[Prisoner_Number_Six]

8. Alternative source of bonus funds for Management?

Gotta keep those CEOs smiling somehow... :shrug:

[Key88]

9. Key is NOT outsourcing to India

That article is over a year old. If they were outsourcing, I would know about it. The layoffs at Key are the result of a struggling economy and wanting to use existing resources in a smarter way. Key is one of the few good, honest banks out there, with some of the best people I've ever worked with. I am in HR, and I have never heard even one grumbling of India or outsourcing, so I wouldn't be concerned.

http://www.crainscleveland.com/article/20090317/FREE/903179961

[OhioChick]

10. CEO Henry Meyer III...is that you? n/t

[ihavenobias]

11. 1 post, username Key...

I'm not saying anything, I'm just sayin'.

;)

[OhioChick]

12. My thoughts exactly.

:rofl:

[OhioChick]

13. After a minute researching...guess you didn't get the memo..

Key chose to outsource work to two firms, Cognizant Technology Solutions and Wipro Limited, both of which are huge in India. Key has worked with both for years.

The benefits of outsourcing, Murschel said, include saving money on wages

http://blog.cleveland.com/business/2008/06/keycorp_outsourcing_eliminates.html

They did outsource to India in 2008. I currently know of someone who works there now and was told he'll be laid off, as his job is in fact getting outsourced.

[ChromeFoundry]

14. Really???

I am in HR, and I have never heard even one grumbling of India or outsourcing, so I wouldn't be concerned.

Does your job include the exit interviews all the former employees that lost their jobs? Or maybe it was because you were not listening.

December 07, 2007
230 Key bank workers lose jobs; branch employees spared
..."The positions being eliminated, representing about 3.5 percent of Key's 6,500 employees in Greater Cleveland, are at the bank's downtown Cleveland headquarters and its operations center off Tiedeman Road in Brooklyn."
http://blog.cleveland.com/business/2007/12/key_bank.html

February 27, 2008
KeyCorp plans to outsource jobs
KeyCorp is pushing ahead with an outsourcing plan likely to result in the shifting of 200 to 400 jobs to India.
http://timesunion.com/AspStories/story.asp?storyID=667139&category=BUSINESS&newsdate=2/27/2008

March 03, 2008
Key may outsource jobs to India
...Although Key has engaged in outsourcing "to a very limited extent," the statement said, "we are constantly studying alternatives to operate more effectively and efficiently."
http://blog.cleveland.com/business/2008/03/keycorp_may_outsource_jobs_to.html

Key is one of the few good, honest banks out there...

Good & Honest companies rarely have websites built, maintained and solely dedicated to warning the public about their business practices:
The Anti-Key Bank Web Site
http://www.angelfire.com/journal2/keybanksucks/
- there is a following of people fed up with your fees!


Key Bank screws Native American tribe
http://www.law.emory.edu/1circuit/may97/96-1670.01a.html

Key Bank bank fees ripoff Geneva Ohio
http://www.ripoffreport.com/reports/0/314/RipOff0314894.htm


And thanks for posting an article that quotes your honest and humble leader, Henry Meyer III: "Greed is the common denominator for a lot of the things that have happened, are happening. Nobody owns greed. It gets spread around a lot of ways." and further, "calls Congress 'idiots' for vilifying banks." Yet he has no problem receiving his $4.43 mil annual compensation, atop of his $15.6 mil in stock options ( http://www.forbes.com/lists/2008/12/lead_bestbosses08_Henry-L-Meyer-III_K60B.html ).

[OhioChick]

15. Good Links, Chrome.

I especially liked the "The Anti-Key Bank Web Site."

[Deja Q]

16. Well, you've been debunked. Nice try for your very first post. Shall we have it bronzed for you too?

[AngryOldDem]

20. LOL

<<I am in HR, and I have never heard even one grumbling of India or outsourcing, so I wouldn't be concerned.<<

Thanks for giving me my laugh of the day, even though I'm a little late to this party.

[tech.jockey]

17. KeyBank Lays Off 120 Workers

the jobs wont go any where, the positions where eliminated. i know, mine was.

[OhioChick]

18. Interesting to hear one-time posters on this thread saying the jobs are going no where. n/t

[ChromeFoundry]

19. Key88... did you forget your password

from your other single post account?