IBM and Lloyds TSB sign outsourcing contract worth nearly $1 Billion IBM (Edited press release) | |||
IBM has signed a seven-year deal with Lloyds TSB to enhance the bank’s voice and data services. The outsourcing deal is estimated to be worth nearly $1 Billion, and calls for IBM to build a network to accommodate approximately 70,000 VoIP telephone sets and unite voice, video, and data traffic onto a single network with direct links to mobile and call center services. Lloyds TSB’s Director-IT, Igor Andronov, expects the project to increase the company’s cost efficiency, enhance the flexibility of its IT infrastructure, and help the staff to be more responsive to customer needs. IBM said the implementation would be the largest combined network of its type ever undertaken in Europe. | |||
Anti-Outsourcing Legislation unlikely as Offshoring gains impetus Frost & Sullivan (Edited Press Release) | |||
Frost & Sullivan analysts recently completed a study tracking the offshore outsourcing of IT jobs for the period 2002 to 2004. Their conclusions were reached through a combination of primary research in 14 countries and quantitative data obtained from end-user surveys of IT decision-makers in France, Germany, Hong Kong, Japan, the UK and the US. Offshoring IT jobs to lower cost countries is now regarded as essential in industries where ones competitors are doing so, because contracting with offshore service providers affords a company the flexibility to adjust its personnel strength to meet business requirements at a lower cost and often with a higher level of expertise. An analysis of the market reveals that if a company based in a country without legislative restrictions regarding the exportation of IT jobs sells its products and services in a country that has such restrictions, the company not limited by such legislation will possess a distinct market advantage. "In effect, therefore, the nation that places restrictions on the export of IT jobs will hobble its own businesses and could be inadvertently legislating the destruction of millions of additional jobs in the future as a result," cautions Frost & Sullivan Industry Analyst Jarad Carleton. "This is crucial to understanding why the exportation of IT jobs to lower cost countries cannot be arbitrarily halted by legislation in one or two developed countries." To be effective, any such legislation to protect IT jobs in the developed regions of the world would require the unlikely scenario of a global alliance of developed governments working in concert. Further, Mr. Carleton goes on to state that, “Multinational corporations can and will use offshore subsidiaries to circumvent the law in other parts of the world when profitability is at stake, provided executives cannot be held legally liable in the home country.” And there we have it, your not happy well they shall ignore your complaints in the sure knowledge that the great unwashed public, the vast majority of us plebs are to lazy or apathetic to do anything to stop this. | |||
Dell planning to open campus in Hyderabad CIOL: Cyber India Online | |||
The new campus, which will be Dell’s third in India, is expected to be completed by October 2005. Hyderabad has been home to a Dell customer contact center since March of 2003, and the company plans to move its entire customer support team from its current leased premises to the new campus. The new campus is to be built on 6.6 acres of land in the Hitech City, and will offer multiple services to include: sales, customer care, technical support, email support, and shared services with more functions to be added as needed in the future. Romi Malhotra, managing director for Dell India, states, “Building our own campus is a clear indication of Dell's long-term commitment to India and Hyderabad. The customer contact centers in India have transitioned into a premier operation for Dell.” | |||
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Lehman Brothers to have Captive Center in India CIOL: Cyber India Online | |||
The leading investment bank has decided to join Morgan Stanley and JP Morgan by setting up its own captive offshore services facility in India. Lehman has chosen Mumbai as the location for the new center, and has already begun filling the top management positions for the operation. In the past, Lehman had outsourced some of its IT services to companies such as Wipro and TCS. Although it withdrew part of that work from Wipro earlier this year, Lehman’s decision to set up its own captive center reaffirms its faith in India. Anyway back to lloyds tsb and a lovely article I found in the Guardian some time back. Reading it even now makes me chuckle, and shows there is some justice in this unfair world... anyway the link is: Record fine for Lloyds TSB It is the second high profile regulatory action against the bank in less than a year. Lloyds TSB received a £1m fine for the way its Abbey Life subsidiary sold endowment policies, which required compensation of as much as £160m. The FSA said the latest fine would have been higher if the bank had not cooperated with the inquiry. Even so, the regulator found the bank had failed to act with "due skill, care and diligence" in selling "precipice bonds" through its branch network. The regulator indicated that the action against Lloyds TSB was part of a wider investigation into precipice bonds, which were sold by other financial firms and through intermediaries. With new chief executive John Tiner at the helm, the FSA has made clear that it will take a stance to protect consumers. City sources regarded the size of the fine as evidence of this. It is the second only to the £4m paid by investment bank CSFB for lax management controls. The £1.9m fine against Lloyds TSB relates to 22,500 policies of the Scottish Widows extra income and growth plan sold through Lloyds TSB branches between October 2000 and July 2001. The products offered a high rate of income at 10.25% but did not protect the capital which was put at risk by investments in only 30 or so stocks such as Marconi and Colt Telecom. In November 2000 the Guardian's Jobs & Money section warned investors to avoid the products. The FSA did not criticise Lloyds TSB or its investment subsidiary, Scottish Widows, for the structure of the product. Instead, the regulator was concerned about the way it was sold. The regulator accused the bank of not having "rigorous procedures and controls" for selling the product, which meant it went to people who put too much of their money into it or to who were not used to investing in equities. Lloyds put too much pressure on staff to achieve sales targets rather than considering whether the product was appropriate for investors. The regulator noted that the mis-selling had taken place even though the bank had identified the potential risk of that occurring even before the product went on sale. Lloyds TSB was writing yesterday to the 22,500 policyholders covered by the FSA action. Some of them have already received compensation from Lloyds but can now expect to be given a top-up because of the terms of the settlement with the FSA. Lloyds had been settling with customers at a 3% rate of interest on the total amount of their investment while the FSA is requiring payment of 4.6% to 5.2%. Lloyds TSB, which took a £300m provision to cover potential redress for customers in the first half of the year, said it was sorry. The bank has already set aside at least £800m to cover pensions mis-sellling in the last five years. The bank's new chief executive, Eric Daniels, is changing the way it pays its staff, by putting less emphasis on sales of products, and is boosting its training programme. The financial ombudsman service has received 3,000 complaints about precipice bonds sold by the financial services industry and expects another 1,000. Lloyds has set up a customer line, 0800 828 4761, to deal with complaints. The toll September 2003 £1.9m fine and ordered to pay at least £98m in compensation for mis-selling high income bonds December 2002 £1m fine and up to £160m in compensation for the mis-selling of endowment policies by the Abbey Life subsidiary November 2000 £100,000 fine for not changing numbers on a safe often enough January 1999 £1.5m fine and compensation for the handling of unit trusts September 1998 £613,000 fine and compensation for the administration of unit trustsOk and a cool review of their loans: link details for below: http://www.dooyoo.co.uk/loans/lloyds-tsb-loansdirect/378998/ Loans Directly Don't! Review from janesargeant about Lloyds TSB-loansdirect, 23.06.02
Advantages You get a loan Disadvantages high interest rates, bad customer service, ignore complaints Summary: Full review
Recommend no Still raises a smile even now that article. |
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