JPMorgan to transfer more operations to Philippines
Sunstar
Monday, March 25, 2013
THE largest US-based financial holding firm by assets, JPMorgan Chase & Co., will likely transfer more business support functions to its global in-house center (GIC) in Manila in the months ahead, a legislator said on Monday.
“Under tremendous pressure to slash costs, we see JPMorgan moving more business support activities to its back office in Manila over the next 24 months,” said House Deputy Majority Leader Roman Romulo, a supporter of the Philippines’ booming business process outsourcing industry (BPO).
“This augurs well for our fresh college graduates and young professionals looking for gainful outsourcing service jobs,” Romulo said.
Romulo’s congressional district of Pasig City is home to 16 Philippine Economic Zone Authority-registered information technology (IT) parks that in turn host a growing number of BPO firms.
New York-based JPMorgan earlier bared plans to cut 17,000 jobs in America, or almost seven percent of its 258,965 global workforce by 2014, in a bid to generate at least $1 billion in annual operating cost-savings.
By revenue, JPMorgan Chase Bank, N.A.–Philippine Global Center has emerged as Manila’s largest GIC of a global corporation.
Established in 2005, the center generated almost P10 billion in revenues in 2011, and has a staff of more than 10,000 at The Net Plaza in Taguig City and at The Asiatown IT Park in Cebu City.
The center provides strategic support, including voice-based customer services, to JPMorgan’s various lines of business 24 hours a day, seven days a week.
It supports card services, retail financial services (home lending, auto finance, education finance, telephone banking, business banking), and treasury and securities services.
The center also assists in human resources, performance improvement, quality assurance, IT, accounting, account servicing, collections, operations management, project management, and risk and compliance.
Global corporations have aggressively conveyed non-core, labor-intensive and IT-enabled business support jobs to the Philippines, a lower-cost location with ample supply of fluent English-speaking college graduates.
They have either established their own GICs in Manila, or contracted out the jobs to independent multinational BPO providers operating here.
The other GICs in the Philippines include Citigroup Business Process Solutions Pte. Ltd.; Wells Fargo Philippines Solutions Inc.; Bank of America Continuum Philippines Inc.; Deutsche Knowledge Services Pte. Ltd.; Emerson Electric Asia Ltd.; IBM Daksh Business Process Services Philippines Inc.; IBM Business Services Inc.; IBM Solutions Delivery Inc.; HSBC Electronic Data Processing Philippines Inc.; Shell Shared Services Asia B.V.; Thomson Reuters Corp. Pte. Ltd.; Lexmark Research & Development Corp.; Chartis Technology & Operations Management Corp. Philippines; Manulife Data Services Inc.; and Dell International Services Philippines Inc.
The BPO industry is projected to produce $25 billion in revenues and directly employ 1.3 million Filipinos by 2016.
With a labor force of 780,000, the sector posted $13 billion in revenues in 2012, up by $2 billion, or 18 percent, from $11 billion in 2011.
This year, the industry is expected to generate $16 billion in revenues and add 146,000 full-time jobs, according to the IT and Business Processing Association of the Philippines (IBPAP).
The industry includes contact center services; back offices; medical, legal and other data transcription; animation; software development; engineering design; and digital content.
Romulo is author of the new Personal Data Privacy Act of 2012, which has helped to drive outsourcing to the Philippines. (PR)
“Under tremendous pressure to slash costs, we see JPMorgan moving more business support activities to its back office in Manila over the next 24 months,” said House Deputy Majority Leader Roman Romulo, a supporter of the Philippines’ booming business process outsourcing industry (BPO).
“This augurs well for our fresh college graduates and young professionals looking for gainful outsourcing service jobs,” Romulo said.
Romulo’s congressional district of Pasig City is home to 16 Philippine Economic Zone Authority-registered information technology (IT) parks that in turn host a growing number of BPO firms.
New York-based JPMorgan earlier bared plans to cut 17,000 jobs in America, or almost seven percent of its 258,965 global workforce by 2014, in a bid to generate at least $1 billion in annual operating cost-savings.
By revenue, JPMorgan Chase Bank, N.A.–Philippine Global Center has emerged as Manila’s largest GIC of a global corporation.
Established in 2005, the center generated almost P10 billion in revenues in 2011, and has a staff of more than 10,000 at The Net Plaza in Taguig City and at The Asiatown IT Park in Cebu City.
The center provides strategic support, including voice-based customer services, to JPMorgan’s various lines of business 24 hours a day, seven days a week.
It supports card services, retail financial services (home lending, auto finance, education finance, telephone banking, business banking), and treasury and securities services.
The center also assists in human resources, performance improvement, quality assurance, IT, accounting, account servicing, collections, operations management, project management, and risk and compliance.
Global corporations have aggressively conveyed non-core, labor-intensive and IT-enabled business support jobs to the Philippines, a lower-cost location with ample supply of fluent English-speaking college graduates.
They have either established their own GICs in Manila, or contracted out the jobs to independent multinational BPO providers operating here.
The other GICs in the Philippines include Citigroup Business Process Solutions Pte. Ltd.; Wells Fargo Philippines Solutions Inc.; Bank of America Continuum Philippines Inc.; Deutsche Knowledge Services Pte. Ltd.; Emerson Electric Asia Ltd.; IBM Daksh Business Process Services Philippines Inc.; IBM Business Services Inc.; IBM Solutions Delivery Inc.; HSBC Electronic Data Processing Philippines Inc.; Shell Shared Services Asia B.V.; Thomson Reuters Corp. Pte. Ltd.; Lexmark Research & Development Corp.; Chartis Technology & Operations Management Corp. Philippines; Manulife Data Services Inc.; and Dell International Services Philippines Inc.
The BPO industry is projected to produce $25 billion in revenues and directly employ 1.3 million Filipinos by 2016.
With a labor force of 780,000, the sector posted $13 billion in revenues in 2012, up by $2 billion, or 18 percent, from $11 billion in 2011.
This year, the industry is expected to generate $16 billion in revenues and add 146,000 full-time jobs, according to the IT and Business Processing Association of the Philippines (IBPAP).
The industry includes contact center services; back offices; medical, legal and other data transcription; animation; software development; engineering design; and digital content.
Romulo is author of the new Personal Data Privacy Act of 2012, which has helped to drive outsourcing to the Philippines. (PR)
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