Last week, the Canadian Broadcasting Corporation reported that RBC — iGate's second-largest client contributing a little over 10% of its $1.1 billion sales — was planning to fire close to 50 employees in its investor services department and replace them with Indian employees on contract with iGate. It is typical for Indian IT services companies to send their staff to client locations on contract, while it puts in place processes to transition work to be done from India or other lower cost locations.
“We work very hard as an institution to ensure that we put a very high priority on Canadian jobs,” Mr. Nixon said on a CBC morning radio show in Toronto."
Gord Nixon, RBC President and CEO, opening the first office of the Royal Bankof Canada in India at Bandra Kurla, Mumbai.
The Harperite government of Canada has poured money - a great deal of money – CANADIAN (and NOT INDIAN) taxpayer money – to keep thebig Five Banks in Canada a float and able to turn profits reaching in manycases into billions since the ongoing financial crisis of 2008 in Canada.
Furthermore, banks in Canada are a fully protected species. The Big Five Banks in Canada are underwritten by the federal government and are nurtured and sheltered from foreign competition by federal legislation.
Canadian banks function and exist purely to serve the financial needs of Canadians.
Given the banking relationship with the government and people of Canada – do not for a minute deceive yourself into believing a single position/job and/or service for any operation or any department in a Canadian bank should be outsourced to anyone other than Canadian labour located and performed on Canadian soil.