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Re: “The costs of Freedom

In the process of outsourcing to InfoSys, they got rid of the career finance folks. Some of these people had their jobs for 25 years.

Just prior to that, they went through a finance department realignment. The redistribution of business managers throughout the various regions was the beginning. That took place at the end of October 2007. By the beginning of the following year, they were hiring younger, more financially (and computer) savvy people as "accounting supervisors" at the local level. In April 2009 these folks were called into an early conference call in which they were told that the finance reporting had been outsourced and the departments would be either cut entirely or drastically reduced, BUT they had no idea when that would be. The target date was July 2009.

They were also told that they were required to stay through the entire transition phase or they would lose any accumulated vacation pay and benefits.

July 2009 came and went. Finally in October they were told who would stay and who would go. Severance packages were not horrible, but the economy was bleak.

They are still cutting jobs, or hiring less costly employees and eliminating higher paid ones.

And ps, even though your article was wonderful and truthful (finally), the banks will not own a PART, they will own the whole kit and kaboodle. They will have their own board and they will appoint a new CEO.

Posted by Bringjobshome on 02/24/2010 at 11:09 AM

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