Skip to main content

Bank Of America Continuum Philippines to Close site in October



A friend speaking on condition of anonymity stated that  Bank of America Continuum Inc, (BACPI) a non-bank subsidiary of Bank of America that provides back-office support will close its Taguig site this October. Employees are paid till November however, the calculation for redundancy or separation package was not revealed.

The job cuts have been announced since April 9, 2014 still, it was not announced that closure will happen this October. According to source  the company wants to simplify its global operations.
source


Last year, Reuters reported that Thomson Reuters decided to cut 3,000 jobs in order to reduce costs, the number of employees in the Philippines affected by the job cuts was not revealed.
source

February this year, Inquirer reported that JPMorgan will cut 8,000 jobs to keep expenses down. Based on the guest comment “The mortgage LOB of JPMC in Taguig already rolled out the job cuts intended for 2014 last Dec 2013. Total number of jobs to be cut = 2000. Seven VPs were already called by HR for the retrenchment package."
source
Working in a KPO/In-house site is rewarding because it provides above the industry standard salary packages, aside from the huge pay some company offer retirement plans. Health care benefits through health cards could go as high 200,000 pesos with addition of two (2) dependents. We are hoping for the best that the affected employees would find work as soon as possible so that they could save a portion of the separation plan.

With reports like these, do you still want to hunt jobs in Financial in-house sites or you would prefer BPO's instead? Let's head on to the comments section to discuss.

Comments

  1. Tomorrow is the last day of work.

    ReplyDelete
  2. This isn't true about the mortgage in jpmc. I was from mortgage LOB and they are actually hiring more agents, they even went to baguio to hire people.

    ReplyDelete
  3. Chase is a very good and stable company.

    ReplyDelete
  4. I dont think this is true for chase. In fact they are planning to expand their mortgage LOB in cebu.

    ReplyDelete
  5. November BGC Taguig IT layoff for JP

    ReplyDelete
  6. Bank jobs have always been considered to be safe and rewarding, from career standpoint. However, bank jobs are not for everyone; they do require a pre-determined skillset and certain traits in an individual's personality. Free Job Alert

    ReplyDelete
  7. Thanks for a wonderful share. Your article has proved your hard work and experience you have got in this field. Brilliant .i love it reading. internships

    ReplyDelete
  8. I admire this article for the well-researched content and excellent wording. I got so involved in this material that I couldn’t stop reading. I am impressed with your work and skill. Thank you so much. job search

    ReplyDelete
  9. A New York based firm of analysts found that 15% of the 70 banks tracked by them had adopted Web 2.0, a number of them having done so within the last 12 months.Best bank in India

    ReplyDelete
  10. As far as the white-collar jobs are concerned, the statistics clearly show that the IT sector has been facing constant competition with respect to the annual payout from the Banking sector. Speculations confirm that within a span of two financial years, the banking pay-out bar would exceed that of the IT sector with the later losing its past prosperity over time.myifsccode.com/punjab-national-bank-ifsc/

    ReplyDelete
  11. I’m going to read this. I’ll be sure to come back. thanks for sharing. and also This article gives the light in which we can observe the reality. this is very nice one and gives indepth information. thanks for this nice article... One Pearl Bank

    ReplyDelete
  12. Yet, maybe above all, it's a protected seaward speculation safe house for the individuals who need to enhance out of sinking western monetary standards into blasting Asian markets, and China specifically. routing number on check

    ReplyDelete
  13. Took me time to read all the comments, but I really enjoyed the article. It proved to be Very helpful to me and I am sure to all the commenters here! It’s always nice when you can not only be informed, but also entertained! bank of america vs chase

    ReplyDelete
  14. rules, and laws and permit the seaward banking industry better freedom to acquire a lot more prominent benefits for their financial backers and contributors. Brampton Bookkeeping Brampton

    ReplyDelete
  15. Payment processors are financial institutions that process the data for credit card transactions. Become a Payment Processor

    ReplyDelete
  16. This really is therefore stunning as well as innovative. I simply adore the actual colours as well as whomever will get this within the postal mail is going to be grinning. credit card processing portfolios for sale

    ReplyDelete
  17. All of the above can block your access to obtaining a major credit card, such as VISA or Mastercard.
    slice card referral code

    ReplyDelete
  18. To start with, when you get an email from your bank, call them to confirm that they sent the email. Second, rather than opening the email they sent you, visit the bank's site straightforwardly and check whether you can lead what's requested from you on their site by you signing in straightforwardly as opposed to clicking a login connect in an email message.NFT Calendar

    ReplyDelete

Post a Comment

Popular posts from this blog

13th Month Pay Bonus Calculator

There are a lot of articles that have been published on how to compute the 13th month pay and I have read most of it however, I think it’s missing the actual calculator that can compute our estimated 13th month pay. The 13th month pay calculator that we have created would be beneficial especially for those employees who have been employed by the company for less than a year because, the amount of the 13th month pay will be pro-rated (will depend on the number of days or months of service). Based on DOLE’s Department Advisory  the number of days for leave without pay should be taken into consideration. Computation 1: If you have been employed by your company for more than a year use the computation below; Computation 2: Pro- Rated computation. If you have been employed by your company for less than a year use the computation below; Our Calculator has used the formula above to compute your estimated 13th month pay.  How to use the calculator: If you hav

Top BPO Companies in the World Based on Forbes Global 2000 List

Forbes.com Inc., has released the list of the “World’s Biggest Public Companies” it is the annual list of world’s largest public companies. We decided to get the list of In-house and BPO Companies that have a regional office in the Philippines that made it to the list. We believe that the list would be a useful representation of top BPO Companies in the world since Forbes is one of the most trusted source for businesses and investment leaders. The list is an annual ranking of top 2000 public companies in the world which is based on four metrics: sales, profit, assets and market value. The list below contains BPO and in house companies with Philippine branches or subsidiaries. With a Global Services Center in Taguig and Cebu the parent company of JPMorgan Chase Bank N.A.-Philippine Global Service Center has emerged on the top based on Forbes’ list. The top positions have been dominated by in-house companies with businesses ranging from banks, oil companies, a

Back Pay Computation in the Philippines and Reasons Why it’s Delayed.

Klook.com After taking calculated risks, you have finally decided to leave your current employer due to health reasons, lack of career growth, or a greener pasture, etc. Just like you, I always look forward in receiving my back pay because it can be used as savings or as an additional fund that you can utilize while transitioning to your new job. Computation of back pay may vary depending on your company polices however, the following items should be considered. 1.       Last Salary – your last salary may be withheld and will be release as back pay. 2.       Pro Rated 13th month pay. 3.       Tax Refund 4.       Vacation and Sick Leave conversion (if convertible to cash). 5.       Other deductions or liabilities – loans or lost equipment (Headset, locker keys, etc.) Illustration of Last Pay Slip for Back Pay Aside from your last pay the employer should also release your Certificate of Employment, BIR Form 2316 and a release waiver and quitclaim tha