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Loading...Bank Of America Goes On Hiring Spree…Overseas
Three years ago it became obvious that the fraudulent, irresponsible lending practices of America’s biggest commercial banks were responsible for the country’s rapid economic decline, and once again, taxpayers picked up the slack. The federal government doled out billions of our hard-earned tax dollars to bail out the banks and pull the economy out of a terrifying tailspin.
Bank of America alone took $45 billion in the federal bailout, but it seems that the past three years have giving the bank’s executive’s a case of selective amnesia. Last fall, Bank of America announced that it would lay off 30,000 America workers in a “restructuring” plan following the housing bust.
Now that things have calmed down, Bank of America is looking to add some employees again…but local talent need not apply.
The bank, which is the second-largest in the country, is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press.
For now, Bank of America officials are playing dumb about the move, but Roman Romulo, deputy majority leader of the Philippine House of Representatives told a local paper that BofA is the last of the “big four” US banks to move their business-support network to his island nation, where the average family makes $4,700 a year.
Since the initial housing market crash, big institutions like Bank of America have tried to deflect prying eyes of both regulators and the American public, but to no avail.
In October 2010, the bank halted foreclosures in 23 states because of concerns that the bank used fraudulent affidavits to support kicking homeowners out of their home. In early 2011, Anonymous, the hacker group loosely affiliated with WikiLeaks posted a series of emails, purportedly from a former Bank of America employee, which show a pattern and practice of corruption and fraud at the nation’s largest bank, including wrongfully foreclosing on military veterans.
In November 2011, public outcry forced the bank to drop its plan to introduce an unexplained $5/month fee for debit card users. Then, in December 2011, Bank of America was one of five major banks named in a lawsuit by Massachusetts Attorney General Martha Coakley. In the suit, the banks were accused of a myriad of financial negligence, from robo-signing documents and writing loans and modifications they knew their clients could not afford to foreclosing on mortgages they didn’t even own.
Now, with the bank’s alleged plan to outsource thousands of jobs at a time when America people are desperately looking for work, it becomes obvious that corporations like BofA have none of the conscience or common sense one would expect from a human person. Instead of acting like the “job creators” they claim to be, we see once again that corporations only exist to create profits that their shareholders will then spend their lives hiding from the IRS.
Related Reading:
Top 5 Reasons To Move Your Money From Bank of America
Read more: bailout, bank-of-america, big banks, economy, housing bust, jobs, Outsourcing
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103 comments
+ add your ownIts real simple for BOA to stay they must put all jobs needed for banking in America in America. If not halt all banking here.
The Philippines are a US territory, but shipping the entire lot of jobs over there stinks when a lot of people in the continental US are in need of work as well.
BoA lost my business years ago...I wish I had more ammunition now.
BOA needs to change their name to Bank of Greed
Any American who continues to bank with BOA is a traitor!
Sandy E. would you care to give specific examples of how President Obama hates America?
And we should have expected what? BofA could easily stnad for bastards of assholes. They treat the country as if it is their fiefdom and the citizens as their serfs. Let's outsource BofA.
BoA ------ Bank Of Asses !!
Do what I did over 3 years ago (when Bank of America -- full of bailout money -- withdrew its line of credit from an Ohio window and door company, throwing hundreds out in the street on Christmas eve) close your Bank of America account and go to your friendly neighborhood credit union.
I'm richer for it and so is my community.
This move by BoA doesn't surprise me. Until the US gets it's labor laws and rights in order, US citizens will continue to pay the price for big corporations taking jobs overseas.
They aren't hiring to serve filipinos they are hiring filipinos to serve America on phones etc.
IN other words they are displacing the American workers that are now doing it. The other banks have already done it.
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