Courtesy: http://columbus.bizjournals.com/
A group of more than three dozen members of Congress, led by US Rep. Mary Jo Kilroy, asked the CEO of JPMorgan Chase & Co. to explain reports that the company plans to spend hundreds of millions on outsourcing work to India.
The letter sent Tuesday to Chase CEO Jamie Dimon and signed by Kilroy, D-Columbus, and 41 other members of Congress comes after published reports in India indicated that the bank would spend $400 million on work outsourced to that country to improve information technology. Chase is the second-largest bank in Central Ohio and the region’s third-largest employer, with nearly 14,700 workers, according to Columbus Business First research.
Kilroy in the letter points to the $25 billion Chase received through the government’s Troubled Asset Relief Program, writing that “taxpayers of the United States of America contributed $25 billion to your company to help stabilize our economy – not send jobs overseas.”
Chase representatives in Columbus and at the company’s New York headquarters declined to comment on the letter or the alleged outsourcing plans.
JPMorgan has 71 branches and $7.07 billion in area deposits in Central Ohio as of June 30, 2008, according to the Federal Deposit Insurance Corp. That represented about 22 percent of the Central Ohio deposit market.
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