Bailed Out Banks Layoff Employees While Seeking to Hire More Foreign workers?

February 1, 2009

(ChattahBox) — I guess you call this asset management? A dozen banks receiving¬† more than $150 billion in federal bailout money, turned around and used that money to hire foreign workers to save money, according to a new report. An Associated Press investigation, found visa requests for more than 21,800 foreign workers over the past six years, for positions that included senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists. The average annual salary for those jobs was $90,721, nearly twice the median income for all American households.

As the economic collapse worsened last year the numbers of visas sought by the dozen banks in AP’s analysis increased by nearly one-third, from 3,258 in fiscal 2007 to 4,163 in fiscal 2008. During the last three months of 2008, the largest banks that received taxpayer loans announced more than 100,000 layoffs. Foreign hiring is attractive of course, because companies can pay them less than equivalent American workers. It is unclear how many foreign workers the banks actually hired but actual number is likely some fraction of the 21,800 foreign workers the banks sought to hire because the government limits the number of visas it grants to 85,000 each year among all U.S. employers.


4 Responses to “Bailed Out Banks Layoff Employees While Seeking to Hire More Foreign workers?”

  1. marty cardwell on February 1st, 2009 3:31 pm

    Still selling us out???


    Not very patriotic with $$$$$$ they originally got from the victims they now set out on the street.

    Why are we tolerating this?

  2. Fred Smith on February 1st, 2009 4:31 pm

    Disgusting. Take all the government money back and send those foreigners back home. Hire Americans.

  3. SmartNoob on February 1st, 2009 6:53 pm

    So what was supposed to help the economy, ironically, is going to actually hurt it? Unbelievable.

  4. ben on February 2nd, 2009 5:48 am

    Bank of America paid above 70K to hire a foreigner as Compensation Analyst (HR entry-level position), but all she/he has to do is following Consultants’ orders. It is not rocket scientist. The only reason Bank of America hired foreign workers is because BofA is able to well control them by H1-B visa program. In addition, the H1-B visa is not supposed to be reserved Accounting, HR, and Sales positions. We can easily find American replacement given economy. We do not find any necessity to keep foreign workers on those positions.

    When those banks have received 45 billion bailed-out money from taxpayers, they should spare seats of Human Resource Specialist , Accounting, and Sales for American workers instead.

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