Bank of America, which last fall announced plans to lay off 30,000 workers, is about to go on a hiring spree—overseas.
America's second-largest bank is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press. The move, which includes a portion of the bank's customer service unit, comes less than three years after Bank of America received a $45 billion federal bailout.
The bank's outsourcing comes amid rising concerns about the security of customers' financial data in the hands of foreign contractors. In March, undercover reporters for England's Sunday Times met in India with "IT consultants" who claimed they were call center workers and offered to sell them credit card and medical information for 500,000 Britons—including account holders at major banks such as HSBC.