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CIBC CEO Explains Why Bank is Replacing Canadian Staff with Workers from India

The chief executive officer of CIBC on Friday passed a circular to its employees to discuss a report published in the dailies that the banking institution is planning on cutting around 130 of its Finance Jobs in Toronto and giving the positions to Indians.

The story had attracted more than 2,000 responses on the Bank’s web site since Thursday when it was published.

A lot of the replies have been a negative stance on the bank’s choice to want to cut local workers, only to replace them with foreign ones.

“I get the stand that outsourcing jobs aren’t a general decision made by the public,” the Chief executive officer of the bank wrote in the circular to its staff. “it is a pretty sensitive issue that this organization is not going to pretend doesn’t happen.” The report was made public because some of the employees of the bank were at risk of being sacked and losing their jobs and they talked with reporters.

They were mostly angry that they had to develop the skills of native workers who then had to develop the skills of foreign employees from India who would end up replacing them.

“It’s almost as though we are not being put into consideration or something,” a worker said. In the circular passed, the chief executive officer stated clearly why the institution would sometimes give jobs out to foreign workers. Some workers who were adversely affected said the bank makes that decision solely to save money. “The truth is it’s not as straightforward as most of you must have read in the press lately,” the CEO said.

He said that giving out jobs further augments a good job already being done by the bank and making sure that the demands put on the company by its consumers are always met at all times.

“A firm that is stagnant would fall off by the wayside as time goes on,” the circular said.

The chief executive officer also stated in the circular passed that the bank has already assisted nearly 50 former employees in securing jobs elsewhere. The banking institution disclosed last week that it had secured employment for around 36 of its former staff who were affected by the cutting off work.

A representative of the company made it pretty clear what the CEO was trying to achieve.

“The fact remains that we keep on looking for more and more opportunities for our citizens, and that is something we would continue to do as long as our institution stands,” the representative said.

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