Happy Independence Day 2013, my fungible hired help readers. I figured what better way to commemorate the occasion than with an article on Bank of America sending a function previously done in the U.S. to Bangalore, India to save money?
Employees in BAC's LandSafe appraisal division were probably surprised to learn that their JD Advantage™ services were no longer needed and would henceforth be done by workers using checklists on the other side of the world.
The U.S.-based reviewers, who typically had at least five years of experience as appraisers [and can earn more than $100,000 a year], are required to confirm accuracy by doing independent assessments that conform to industry standards, the people said. The checklists in India cover 17 items such as whether the appraiser remembered to sign the report and include photographs of rooms, according to a copy obtained by Bloomberg.
I haven't done doc review — maybe someone who has can comment — but this sounds familiar. The Indians shouldn't get too comfortable, though. "What we're looking for is if there are patterns in certain areas where it looks like the reviews aren't necessarily needed anymore."
Translated from doublespeak, the too-big-to-fail bank will dispense with quality control altogether, if possible, and come running to Uncle Sam to bail it out again if it gets in over its head. You know, privatize the gain, socialize the loss? This is a workable solution if there are still employed workers to shoulder the loss. Matter of fact, one night a BAC executive will wake up and say to himself, "If companies ship their work to India then no one will be able to afford a mortgage and we'll have to stop lending and … ah, we'll just lend to foreigners ZZZZZZZZZZZzzzzzzz."
I suggest you sleep with one eye open, yourself.