Wells Fargo laid-off hundreds of employees and moved operations to the Philippines, leaving workers in Florida, California, and Pennsylvania jobless.īank of America received $45 billion in bailout funds from the U.S. employees to train their own replacements Despite the critical role the federal government played in Wells Fargo's return to profitability, the bank is tripling the number of its Filipino employees and has asked some U.S. Treasury, which was later repaid with interest. The banking giant received more than $25 billion in bailout funds from the U.S. Justice Department for bad mortgages issued just before the financial crisis. In October of 2013, JP Morgan Chase agreed to pay $13 billion to settle a case brought by the U.S. JPMorgan Chase closed its Columbus, OH area call center in September 2013, laying off 440 workers. Senator Charles Schumer (D-NY) wrote JP Morgan a letter of concern, urging the company to find solutions to avoid the lay-offs. JPMorgan Chase closed an Albion, NY call center in September 2013, laying off 400 workers. Department of Labor authorized Trade Adjustment Assistance for 145 former JP Morgan Commercial Loan Servicing workers in Louisville, KY who lost their jobs when the work was offshored to India in July 2013. Trade Adjustment Assistance is a federal program that provides extended unemployment benefits, retraining, and other help to workers who have lost their jobs because their employer moved the work overseas. Department of Labor is investigating whether the workers are eligible for Trade Adjustment Assistance (as of ). JPMorgan Chase laid-off approximately 850 workers from its Florence, SC call center in the spring 2013. JPMorgan Chase operates call centers in the Philippines and India. A third party vendor was the source of the misconduct, but it is unclear whether the vendor’s call center was located overseas. In September 2013, federal bank regulators fined JPMorgan Chase $80 million and ordered the bank to repay $309 million to customers for slamming nearly 2.1 million customers with unrequested or misrepresented services. Despite the critical role the federal government played in JP Morgan Chase’s return to profitability, the bank has closed U.S. Īt the beginning of the financial crisis in 2008, JP Morgan Chase received $25 billion through bailout programs, which was later repaid with interest. Capital One’s offshore contracted call center was the source of the misconduct. The CFPB found Capitol One guilty of slamming nearly two million customers with unrequested or misrepresented services. In July of 2012, the federal Consumer Financial Protection Bureau (CFPB) levied its first-ever fine against Capital One for $210 million. The company’s booming overseas business comes in the wake of an announcement that it would lay off more than 300 employees in Tigard, Oregon. The firm is expected to employ 2,200 new associates in a business process outsourcing (BPO) facility in the Philippines. call centers and sent jobs overseas.Ĭapital One in October 2013 announced the development of a call center and customer service training program with a Philippine partner. Despite the critical role the federal government played in Capitol One’s return to profitability, the bank has closed U.S. call center jobs offshore.Īt the beginning of the financial crisis in 2008, Capital One received $3.56 billion from federal bailout programs, which was later repaid with interest. Many of the banks that received federal government bail-outs during the financial crisis are among the largest companies sending U.S. workers and communities by shipping call center work offshore. The list below is just a sampling of companies that have benefited from government assistance only to turn their backs on U.S. Some of these companies have also been found guilty of consumer fraud perpetrated from offshore call centers. call centers and sent the work and jobs overseas. companies that receive significant government support in the form of contracts, subsidies, loans, and tax incentives have shuttered U.S.
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