We hear that bank is looking to outsource technology and operations for the 401k, Small Business and Equity. 1st piece is transformation and 2nd piece is Outsource operations work to vendor in india. 85% roles is what a source has revealed
what technology can the provider bring that we dont have at the bank or we took from Merrill.
@aa+1jpt1jmde - bingo! This is their strategy with everything. Top of the house is aging out, they don't need to think long term anymore. Just enough to not be charged with mis-management. They only care about maximizing their gains quarter-to-quarter to get their own cushy payout.
majority shareholders:
Vanguard Fiduciary Trust Co.
60,394,657 9.656 % 21 048 M $
BlackRock Advisors LLC
39,266,548 6.278 % 13 684 M $
STATE STREET CORPORATION
27,684,076 4.426 % 9 648 M $
Can't manage 401(k) accounts, and it still calls itself a bank??
Yes..It may be cheaper but at what risk. My spouse retired from another company and requested to rollover Roth 401K to another eligible retirement account with another company. The person in India informed my spouse that taxes will be taken out. After my spouse informed the person what a Roth was, the person insisted that they were right. At that point, my spouse requested to speak to an employee physically in the United States. It was taken care of when the person was stateside. If OP is right about the outsource, then I will plan my rollover immediately after retirement. Lesson learned from my spouse's experience is to record the conversation with the representative as they will record as well. Another tip is that their supervisor is usually the person sitting next to them who are not management.
they are much much cheaper
the bank will save money
it will look like then that the bank is profitable and successful which it is not
pillaging for short term gain while destroying the bank long term