Why else would JP Morgan Chase have to outsource its IT department to India?
"JP Morgan CIO Guy Chiarello said last week that he will increase outsourcing to India, and will drive several integration projects from there," a New York-based expert, familiar with JP Morgan’s outsourcing plans, told ET last week, on conditions of anonymity. …
"JP Morgan is one of the first banks in the US to have fleshed out its outsourcing strategy ever since the banking meltdown happened. Many others are still undecided about their IT spend," said a senior official at one of the technology firms, who did not wish to be quoted.
In addition to federal subsidies for its purchases of Bear Stearns and Washington Mutual, JP Morgan Chase received $25 billion from the Troubled Asset Relief Plan last year, with more to come in 2009. And while I understand that the intent of TARP was not to create or save jobs (that's point of the "stimulus plan"), but to increase lending and stabilize credit, I must admit that this troubles me.
Of course, the holders of jobs JP Morgan is sending to India will get their bailout, when the unemployment checks arrive.