American tech workers are being laid off and replaced by contracting firms like Infosys, TCS, Virtusa, Wipro, and LTI Mindtree. To protect domestic jobs, the government must closely monitor the relationships between these consulting firms and Citi hiring managers. The regulators need to scrutinize vendor accounts, corporate entertainment, lunches, dinners, and international conferences to expose potential backroom deals, offshore accounts, and conflicts of interest. These consulting firms are securing long term contracts as the bank prepare to lay off thousands of American employees. This isn't the American Dream. It's the American Nightmare!!
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@ga want to see fine examples of stack reporting with bloated wage earning, fat cat MD's that do nothing? Look no further than EDO and to some extent the COO team. Risk reporting and Risk Tech are other orgs which is a maze of director reporting to director, reporting to MD, reporting to MD, reporting to MD.... You get the idea.
@fr Wow.. please report to authorities. They brought the brine culture from other countries. This is bad,. really bad and inhumane.
@cp Offshoring was supposed to lead to more efficiencies. Instead it has led to management bloat.
MDs reporting to MDs reporting to MDs, rent-seekers often not knowledgeable of the business that they were supporting and the tech/data they were managing. They spend all day running from one meeting to the next, but they are needed to coordinate implementation and delivery across time zones
Such are the hidden costs of "globalization." Yes, code-writing is cheaper in Asia than in North America. But these unit cost savings are swallowed up by layers of global bureaucracy.
Something global "strategists" never mentioned in their 2004 slideshows.
We used to give kickbacks in form of vouchers, prepaid cards when I was working for a this banking client in London. It was like £100k over 2 years contract.
Many senior tech managers have converted over to Citi from those firms in the course of their careers.
They make sure to look after their old companies, that's for certain.
I'd almost say some of them are more loyal to their old firm (back home) than to Citi.
@cp They all hire based on caste!
Senior Managers gets the budget and they just want to use it up in different ways. That's all it is.
Hiring managers and senior people usually receive kickbacks in different forms, at different times and may be in different countries. It's almost impossible to track such activities.
If the senior managers stop receiving the funds from the vendor, they just switch to a new vendor.
Citi is the sole loser in this entire game of consulting. Nothing gets done. The MDs and Ds will make some money and they either retire or find another victim like Citi.
It's a circus of vultures and parasites.
Tech people from Infosys, TCS calling themselves Program Managers Or Business Analysts perform poorly. There are dozens and they are incompetent.