Outsourcing Controversy
State street bank has been accused of "stealth outsourcing" or transferring american jobs to their outsourcing partners Syntel and HCL-India under the radar, in small increments to avoid any political backlash. State street bank who is the second largest client of Syntel also has a joint venture in the Indian city of Pune with them which they have the option to buy out. The controversy is compounded by the fact State Street bank received an 11.5 million dollar tax incentive with the city of Boston to move into a new location as well as 2 billion in TARP assistance all while still sending jobs overseas to India.
During the May 2012 annual shareholders meeting, chairman and chief executive Jay Hooley was shouted down on numerous occasions by protesters in relation to the outsourcing and other grievences.
Read more about this topic: State Street Corporation
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