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Did you know JP Morgan just sent 300 jobs over seas?

This happened in my community- JP Morgan is laying off 300 jobs and sending those jobs to India. In the midst of our financial crisis, do you think a big financial institution like JP Morgan should be allowed to do that? In the midst of the "bail out", do you think JP Morgan should be subject to regulation that prevents the company from doing this?

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21stCenturyMom

Asked by 21stCenturyMom at 8:05 PM on Oct. 25, 2008 in Politics & Current Events

Level 2 (10 Credits)
Answers (11)
  • I did not know this. But I do know that without China and India growing...it hurts us all. They are worse off than we off if you can imagine that. But until its resolved if your company is here now, it should stay here. Maybe lowering the rate of business would help alittle. 30% isn't attractive for a company.
    Navy_Wife_Tisha

    Answer by Navy_Wife_Tisha at 8:09 PM on Oct. 25, 2008

  • I think it's just disgusting & greedy of them to do that to AMERICA in the midst of this crisis we are in.
    sunnymom3

    Answer by sunnymom3 at 8:18 PM on Oct. 25, 2008

  • National City Bank just laid off 4000 people. Considering how many people JP Morgan employees I don't think 300 is that much. Also, what sort of division was the lay off in? I know they have global investment offices everywhere - their job search engine reads like the United Nations guest book.
    plylerjones

    Answer by plylerjones at 8:48 PM on Oct. 25, 2008

  • And under Obama it will just get worse. We have one of the top two highest corporate taxes in the world--what do you expect companies to do? Stay here and get taxed out of existence? Our "law makers" are making it so tough to do business in American, it isn't any wonder that companies send jobs over seas. Greedy? No--business----just like Obama wanting to spread the wealth around--well, JP Morgan decided to take theirs elsewhere so he can't.
    Anonymous

    Answer by Anonymous at 9:10 PM on Oct. 25, 2008

  • Hey anon, thanks for ruining my question with your partisanship. The question was not about who I think you should vote for, it is about losing American jobs to developing nations.
    21stCenturyMom

    Answer by 21stCenturyMom at 9:40 PM on Oct. 25, 2008

  • plylerjones- Yes, you are right; in comparison to 4000 cuts, the job loses at my local JP Morgan (formerly City) pales. I think though, it will be very hard for 300 former employees to find other work. I am in Fl- our unemployment rate is one of the worst in the nation at the moment.

    The loses are call center jobs, in the credit card division.

    Thanks for your comments.
    21stCenturyMom

    Answer by 21stCenturyMom at 9:45 PM on Oct. 25, 2008

  • I wasn't bringing in politics for politics sake--I was stating a fact that we will see more outsourcing under a Democratic White House and Congress. Businesses are not going to sit around and watch their profits get sucked away by higher taxes and regulations. There is nothing "partisan" on stating the obvious.

    Anonymous

    Answer by Anonymous at 10:24 PM on Oct. 25, 2008

  • Businesses are not going to sit around and watch their profits get sucked away by higher taxes and regulations.

    and under mccain those that outsorce jobs to other countries will get a tax incentive. so will they stay?
    Anonymous

    Answer by Anonymous at 11:08 PM on Oct. 25, 2008

  • I think that if a company applies for and gets money from this bail out they should not be allow to send jobs over seas. have them signed a contract that if they accept the help they can't send jobs overseas or have send jobs overseas within the past 12 months.
    ny.chica

    Answer by ny.chica at 11:09 PM on Oct. 25, 2008

  • Anon- You certainly did bring partisanship into my question, as you clearly know. Go stump somewhere else. I'm not pitching for a candidate here, so I would appreciateit if you would refrain from creating a distraction to the original intent of this question. But, ya know what, anon, if you don't have the guts to show yourself then I don't see why I should even bother responding. I'm so tired of both partisan squabbling that distracts from real issues...and cowardice. If you would like to engage in a real conversation, then I invite to both check your campaigning at the door, and own up to whoever you are. It's easy to say whatever you want when you don't have to own up to it.

    21stCenturyMom

    Answer by 21stCenturyMom at 1:02 AM on Oct. 26, 2008

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