{"id":23408,"date":"2017-04-01T09:53:39","date_gmt":"2017-04-01T14:53:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23408"},"modified":"2017-04-01T09:53:39","modified_gmt":"2017-04-01T14:53:39","slug":"cibc-ceo-explains-why-bank-is-replacing-canadian-staff-with-workers-from-india","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23408","title":{"rendered":"CIBC CEO explains why bank is replacing Canadian staff with workers from India"},"content":{"rendered":"
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CIBC CEO explains why bank is replacing Canadian staff with workers from India<\/a><\/h3>\n<\/div>\n

CEO Victor Dodig acknowledges that ‘outsourcing isn’t a popular decision’<\/strong><\/p>\n

\"CIBC<\/p>\n<\/div>\n<\/div>\n

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CIBC CEO Victor Dodig sent a memo to staff on Friday to explain why the bank sometimes needs to outsource work to other countries. (Jeff McIntosh\/Canadian Press)<\/p>\n<\/div>\n<\/div>\n

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CIBC’s CEO issued an\u00a0internal staff memo\u00a0Friday to address\u00a0a CBC News story<\/a> revealing that the bank is eliminating up to 130 Toronto finance\u00a0jobs\u00a0and outsourcing the work to India.<\/p>\n

The article, which ran on Thursday, generated more than 2,000 comments on the CBC News site \u2014 many of them taking a negative view of CIBC’s decision to send the jobs overseas.<\/p>\n

“I understand that outsourcing isn’t a popular decision,” wrote CEO Victor Dodig\u00a0in the memo to employees. “It’s an emotional topic that I don’t want to shy away from because that’s not the culture that we have.”<\/p>\n

The story only came to light because some CIBC workers\u00a0facing layoffs complained to CBC News. They were particularly upset that they have to\u00a0train other local\u00a0CIBC\u00a0employees who\u00a0then train the workers in India who will be taking over the jobs.<\/p>\n

“It feels like no one cares for us,” said one employee.<\/p>\n

It’s not about the money<\/strong><\/p>\n

In his memo, Dodig\u00a0laid out why the bank\u00a0sometimes outsources jobs to other countries. Some affected employees said\u00a0they believe\u00a0CIBC\u00a0is\u00a0doing it in this case to save money\u00a0\u2014 at a time when the bank had pulled in $1.4 billion in profit<\/a> in the last quarter.<\/p>\n

“It’s not as simple as you may read that it’s about cutting jobs or costs,” wrote Dodig. He said that outsourcing complements the work done by\u00a0CIBC staff by helping\u00a0manage\u00a0peaks in demand, ensuring\u00a0work can be done around the clock\u00a0and helping\u00a0the bank adapt to changing business needs.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

CIBC CEO explains why bank is replacing Canadian staff with workers from India CEO Victor Dodig acknowledges that ‘outsourcing isn’t a popular decision’ CIBC CEO Victor Dodig sent a memo to staff on Friday to explain why the bank sometimes needs to outsource work to other countries. (Jeff McIntosh\/Canadian Press) CIBC’s CEO issued an\u00a0internal staff […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[61,103,3544,3000,6016,15066,15065],"class_list":["post-23408","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banking","tag-canada","tag-cbc","tag-cbc-news","tag-cibc","tag-outsourcing","tag-sophia-harris"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23408"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23408\/revisions"}],"predecessor-version":[{"id":23409,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23408\/revisions\/23409"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}