Wednesday, September 24, 2014

Bank Of America Continuum Philippines to Close site in October



A friend speaking on condition of anonymity stated that  Bank of America Continuum Inc, (BACPI) a non-bank subsidiary of Bank of America that provides back-office support will close its Taguig site this October. Employees are paid till November however, the calculation for redundancy or separation package was not revealed.

The job cuts have been announced since April 9, 2014 still, it was not announced that closure will happen this October. According to source  the company wants to simplify its global operations.
source


Last year, Reuters reported that Thomson Reuters decided to cut 3,000 jobs in order to reduce costs, the number of employees in the Philippines affected by the job cuts was not revealed.
source

February this year, Inquirer reported that JPMorgan will cut 8,000 jobs to keep expenses down. Based on the guest comment “The mortgage LOB of JPMC in Taguig already rolled out the job cuts intended for 2014 last Dec 2013. Total number of jobs to be cut = 2000. Seven VPs were already called by HR for the retrenchment package."
source
Working in a KPO/In-house site is rewarding because it provides above the industry standard salary packages, aside from the huge pay some company offer retirement plans. Health care benefits through health cards could go as high 200,000 pesos with addition of two (2) dependents. We are hoping for the best that the affected employees would find work as soon as possible so that they could save a portion of the separation plan.

With reports like these, do you still want to hunt jobs in Financial in-house sites or you would prefer BPO's instead? Let's head on to the comments section to discuss.

6 comments:

  1. Tomorrow is the last day of work.

    ReplyDelete
  2. This isn't true about the mortgage in jpmc. I was from mortgage LOB and they are actually hiring more agents, they even went to baguio to hire people.

    ReplyDelete
  3. Chase is a very good and stable company.

    ReplyDelete
  4. I dont think this is true for chase. In fact they are planning to expand their mortgage LOB in cebu.

    ReplyDelete
  5. November BGC Taguig IT layoff for JP

    ReplyDelete
  6. Bank jobs have always been considered to be safe and rewarding, from career standpoint. However, bank jobs are not for everyone; they do require a pre-determined skillset and certain traits in an individual's personality. Free Job Alert

    ReplyDelete


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