[Vanguard partners with Infosys for Defined Contribution recordkeeping]

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prad81
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[Vanguard partners with Infosys for Defined Contribution recordkeeping]

Post by prad81 »

[Title was "Vanguard laying off 1300 employees as part of outsourcing deal with Infosys" --admin LadyGeek]

https://www.prnewswire.com/news-release ... 93262.html

The only winner here is Infosys.

This is definitely bad for their employees, as I have witnessed a very similar layoff where my employer handed over their IT dev and operations to Infosys and the employees were "re-badged" as Infosys employees. Fast-forward 12 months, Infosys will let most of them go, and will low-ball the salaries for the ones who are still around.

This does not bode well for Vanguard's customers, us, as Vanguard is yet another cash cow for Infosys and there will be no focus on customer experience.

I hope I am wrong.

Thoughts?
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by McGilicutty »

Is this a case where Vanguard is bringing in a bunch of H-1Bs to replace American workers?
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by CardioMD »

Ouch. Fortunately I’ve never been laid off but I had many friends laid off from Wells Fargo. They had a rough time.

You’re right. These employees will be culled from the Infosys herd eventually. Not a good look.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by blahblahsunshine »

Not wonderful for the Vanguard workers. The 12 month infosys transition guarantee looks like a way for infosys to do knowledge transfer and for vangurd to avoid severance packages. Probably a wise move if you are a vanguard person to get to finding another job immediately. As for innovation many of these outsourced development/operations undertakings end poorly. That said, these agreements are all too common in financial services type situations where tech is largely seen as a bottom line contributor to expense rather than a top line contributor. And Vanguard certainly has the bottom line focus at a cultural level...so.
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prad81
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by prad81 »

McGilicutty wrote: Tue Jul 14, 2020 6:34 pm Is this a case where Vanguard is bringing in a bunch of H-1Bs to replace American workers?
No, this is a case where well-paying American jobs are outsourced to foreign companies and sent to India. In a couple of years, Infosys will reduce the 1300 head-count to about 30 onsite coordinators in the US and the rest of the work will be performed in India. This is their tried-and-tested operating model.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by ChrisBenn »

"Through the partnership, Infosys will assume day-to-day operations supporting Vanguard's DC recordkeeping business, including software platforms, administration, and associated processes. Plan sponsors will continue to be served by Vanguard's relationship management teams, strategic plan design, and communication experts. Additionally, Vanguard will oversee all aspects of its investment management and guidance for both sponsors and participants, including ongoing development of its accessible, holistic, and personal advice services. Participant phone calls will be serviced by both Vanguard and Infosys."

From the article; I wonder if "DC" (defined contributions) would be only 401k plan administration, or if that will include ira servicing also. It seems to exclude taxable brokerage accounts and platforms though.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by RocketShipTech »

Yet another reason to go with an all-American brokerage like M1 Finance.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Broken Man 1999 »

Well, we might be hypocritical if we are concerned about this type move, since so many of the companies we own via S&P 500 and Total Stock Market have been doing the same thing for years and years. We do like those nice returns, no? Those companies did it to reduce expenses, just like Vanguard is doing.

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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by brianH »

prad81 wrote: Tue Jul 14, 2020 6:41 pm
McGilicutty wrote: Tue Jul 14, 2020 6:34 pm Is this a case where Vanguard is bringing in a bunch of H-1Bs to replace American workers?
No, this is a case where well-paying American jobs are outsourced to foreign companies and sent to India. In a couple of years, Infosys will reduce the 1300 head-count to about 30 onsite coordinators in the US and the rest of the work will be performed in India. This is their tried-and-tested operating model.
That's exactly what this is. Infosys is the biggest abuser of the H1B program in the US, and they also have a large offshore contingent.

I know people that work there, and I live near the Malvern office. This is a dirty move by them, and I will be moving as many assets as is practical to Fidelity -- there's no longer a moral argument to be made for Vanguard.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by whodidntante »

I have been to an Infosys facility in India. It was terrifying. They are probably a much larger corporation than Vanguard, though I don't really know how big Vanguard is.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by lostdog »

So if I ever need to call in for help, it could be going to India?
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by TheTimeLord »

Sounds like a good reason to communicate with Vanguard.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Nummerkins »

lostdog wrote: Tue Jul 14, 2020 7:02 pm So if I ever need to call in for help, it could be going to India?
The article states this is only for DC plans -- so things like 401ks and profit sharing plans. Doesn't sound like it will impact the retail investor.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by lostdog »

Nummerkins wrote: Tue Jul 14, 2020 7:10 pm
lostdog wrote: Tue Jul 14, 2020 7:02 pm So if I ever need to call in for help, it could be going to India?
The article states this is only for DC plans -- so things like 401ks and profit sharing plans. Doesn't sound like it will impact the retail investor.
Yep, just read it. Thank goodness.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by arcticpineapplecorp. »

lostdog wrote: Tue Jul 14, 2020 7:02 pm So if I ever need to call in for help, it could be going to India?
do you have a defined contribution plan with Vanguard?

i think we need more information, specifically, how is the term defined contribution plan being "defined" (pun intended).

investopedia does say nebulously:
Since individual retirement accounts often entail defined contributions into tax-advantaged accounts with no concrete benefits, they could also be considered a defined-contribution plan.

source: https://www.investopedia.com/terms/d/de ... onplan.asp
anyone know for sure?

also the press release says:
Participant phone calls will be serviced by both Vanguard and Infosys.
so it may go to India, or may not.
Last edited by arcticpineapplecorp. on Tue Jul 14, 2020 7:17 pm, edited 2 times in total.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Normchad »

TheTimeLord wrote: Tue Jul 14, 2020 7:06 pm Sounds like a good reason to communicate with Vanguard.
You can always vote with your feet.....

Just remember, this isn't India stealing America jobs. These are Americans doing this.....

They are constantly building new bank branches around Northern Virginia. And I just can't understand why. It obviously costs money to build one, and costs money to plop 2 people in there every day. I basically never step foot in a bank, and I don't know many people who do. I think the entire banking industry is ripe for big staff reductions. Really, can't almost everything they do be automated away at this point?
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by TheTimeLord »

lostdog wrote: Tue Jul 14, 2020 7:11 pm
Nummerkins wrote: Tue Jul 14, 2020 7:10 pm
lostdog wrote: Tue Jul 14, 2020 7:02 pm So if I ever need to call in for help, it could be going to India?
The article states this is only for DC plans -- so things like 401ks and profit sharing plans. Doesn't sound like it will impact the retail investor.
Yep, just read it. Thank goodness.
Doesn't mean retail investors should support or condone it. Besides if the deal sticks it likely will expand.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by TheTimeLord »

Normchad wrote: Tue Jul 14, 2020 7:12 pm
TheTimeLord wrote: Tue Jul 14, 2020 7:06 pm Sounds like a good reason to communicate with Vanguard.
You can always vote with your feet.....

Just remember, this isn't India stealing America jobs. These are Americans doing this.....

They are constantly building new bank branches around Northern Virginia. And I just can't understand why. It obviously costs money to build one, and costs money to plop 2 people in there every day. I basically never step foot in a bank, and I don't know many people who do. I think the entire banking industry is ripe for big staff reductions. Really, can't almost everything they do be automated away at this point?
And there is a good chance we will. The money we have at Vanguard is already less than we have elsewhere and this is just a reason to get around to consolidating. Off the top of my head I can't think of any meaningful benefit having a Vanguard provides me.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by LazyNihilist »

While the 1300 employees are not laid off, they are moved to Infosys. This should lead to lower overall expenses for Vanguard, which in turn means more money in the pocket of Vanguard Investors. I see this as a win for Vanguard customers.

In time the jobs will be out sourced to H-1B's.
In time those jobs will be out sourced to India (or other lower income countries).
In time those jobs will be automated.

Each step of the way, we as customers of Vanguard keep winning. :moneybag
The strong do what they can and the weak suffer what they must -Thucydides
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Trader Joe »

prad81 wrote: Tue Jul 14, 2020 6:32 pm https://www.prnewswire.com/news-release ... 93262.html

The only winner here is Infosys.

This is definitely bad for their employees, as I have witnessed a very similar layoff where my employer handed over their IT dev and operations to Infosys and the employees were "re-badged" as Infosys employees. Fast-forward 12 months, Infosys will let most of them go, and will low-ball the salaries for the ones who are still around.

This does not bode well for Vanguard's customers, us, as Vanguard is yet another cash cow for Infosys and there will be no focus on customer experience.

I hope I am wrong.

Thoughts?
Great news. Hopefully my Vanguard costs will now be reduced even more moving forward.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by ensign_lee »

Oh, damn. Was trying to figure out which one stop shop I wanted to leave my investments at, as I have accounts at both Vanguard and Fidelity.

Moving to Fidelity then. Their interface is better, and their service is about to be better too.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Toons »

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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Kenkat »

Everybody wants everything cheaper as long as it doesn’t affect our own high paying jobs.

There’s a lot of nice people in India. And smart, willing to work hard for a better life.

I do feel bad for the people losing jobs. Pawns in a rich man’s chess game.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Dottie57 »

TheTimeLord wrote: Tue Jul 14, 2020 7:12 pm
lostdog wrote: Tue Jul 14, 2020 7:11 pm
Nummerkins wrote: Tue Jul 14, 2020 7:10 pm
lostdog wrote: Tue Jul 14, 2020 7:02 pm So if I ever need to call in for help, it could be going to India?
The article states this is only for DC plans -- so things like 401ks and profit sharing plans. Doesn't sound like it will impact the retail investor.
Yep, just read it. Thank goodness.
Doesn't mean retail investors should support or condone it. Besides if the deal sticks it likely will expand.
+1
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Dottie57 »

ensign_lee wrote: Tue Jul 14, 2020 7:23 pm Oh, damn. Was trying to figure out which one stop shop I wanted to leave my investments at, as I have accounts at both Vanguard and Fidelity.

Moving to Fidelity then. Their interface is better, and their service is about to be better too.
I’ve had very good service from fidelity.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by oktax »

For someone just starting out with an IRA (~$1k in a Roth at Vanguard) and brokerage account (planning to open this month or next and begin regular contributions), should this have any impact on the Vanguard vs. Fidelity decision?
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Bama12 »

I thought we owned the place. :)
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by finite_difference »

McGilicutty wrote: Tue Jul 14, 2020 6:34 pm Is this a case where Vanguard is bringing in a bunch of H-1Bs to replace American workers?
Using H-1Bs would be in-sourcing not out-sourcing. That is, H-1Bs allow the US to recruit talent from all over the world, and potentially create new US citizens. Sending jobs to another country is out-sourcing and removes both those jobs and the expertise required from the US.

I’m a bit surprised that there wouldn’t be some rules or regulations requiring IT for financial companies to be US-based.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by 123 »

This is one way for Vanguard to lower costs. Lower costs come at a price.

When customers want lower costs management will find a way.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by 02nz »

oktax wrote: Tue Jul 14, 2020 7:33 pm For someone just starting out with an IRA (~$1k in a Roth at Vanguard) and brokerage account (planning to open this month or next and begin regular contributions), should this have any impact on the Vanguard vs. Fidelity decision?
No, but now that just about every brokerage other than Vanguard gives you: 1) fee-free trades on ETFs; 2) brokerage bonuses (ok you need a lot more than $1K for that), 3) better IT reliability, and 4) ability to reach customer service on weekends, I don't really understand for holding investments (even Vanguard ETFs) at Vanguard the brokerage operation.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by 02nz »

Tommy wrote: Tue Jul 14, 2020 7:30 pm Expect problems with website, errors in the accounts, whatever can go wrong will go wrong.
Vanguard website problems? Errors with accounts? Next thing you're going to tell me Vanguard won't answer the phone on the weekend anymore! :D
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Starfox »

Almost all my money is in taxable and in VFIAX. I know I can tax free convert to VOO and move to Fidelity but is there other like-kind non taxable action/event ways to move from one sp500 fund family to another, if things turn worse for VG, or better for another brokerage?
Last edited by Starfox on Tue Jul 14, 2020 7:41 pm, edited 1 time in total.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by ChrisBenn »

LazyNihilist wrote: Tue Jul 14, 2020 7:17 pm While the 1300 employees are not laid off, they are moved to Infosys. This should lead to lower overall expenses for Vanguard, which in turn means more money in the pocket of Vanguard Investors. I see this as a win for Vanguard customers.

In time the jobs will be out sourced to H-1B's.
In time those jobs will be out sourced to India (or other lower income countries).
In time those jobs will be automated.

Each step of the way, we as customers of Vanguard keep winning. :moneybag
Fidelity (and others) have lower ER's on many of the fund types - if all one cares about is #winning why not move already? If ER is your criteria you are already loosing.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by TheTimeLord »

123 wrote: Tue Jul 14, 2020 7:37 pm This is one way for Vanguard to lower costs. Lower costs come at a price.

When customers want lower costs management will find a way.
Unless they start paying you to buy ETFs how much low can they go? Does 1 bps actually matter to anyone?
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by 02nz »

Bama12 wrote: Tue Jul 14, 2020 7:33 pm I thought we owned the place. :)
Try finding out, as an owner, how much Vanguard executives make. Fidelity is more transparent on this - and they're privately held.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by nydoc »

Whatever keeps the cost low. My brother works in Infosys. As per him, knowledgeable problem solving IT workers are rare both in India and US.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Shael_AT »

Not a fan of this move. I've been on the workers side of this news article before and I feel very sorry for the people and families who are inevitably going to have reduced pay, reduced benefits and eventually no job at all.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by ray.james »

Based on the news articles, Infosys will set up a company in Malvern for this. I guess this will let this avoid data privacy laws? Data safety and data security is my first concern as a user.

While reading news article I saw these 2 bits which was interesting
Multi million dollar deal pegged at 700mill(for 5 years?)
Infosys works with half of top 20 retirement providers in USA
I had no idea that they are so omni-present. This is sad news to me. Another bit not mentioned, usually with these deals, all contract employees will be let go. And usually 30% will be contractors. So that 1300 count I presume will be just full time employees.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Broken Man 1999 »

LazyNihilist wrote: Tue Jul 14, 2020 7:17 pm While the 1300 employees are not laid off, they are moved to Infosys. This should lead to lower overall expenses for Vanguard, which in turn means more money in the pocket of Vanguard Investors. I see this as a win for Vanguard customers.

In time the jobs will be out sourced to H-1B's.
In time those jobs will be out sourced to India (or other lower income countries).
In time those jobs will be automated.

Each step of the way, we as customers of Vanguard keep winning. :moneybag
That is the way I feel. In my career my company downsized, riffed, right-sized continuously. I didn't hear much outrage as my peers were leaving, and this was over 20 years ago. Hell, I probably would have been severed from the company in time had I not finished my career on LTD.

Vanguard is simply a provider of services for me.

And, if this is to be considered a moral issue, I would advise those who believe it is to NOT to look behind the curtain at any of their other business relationships. One might have to move many accounts or buy elsewhere. Or, does one need to practice selective morals?

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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by RocketShipTech »

nydoc wrote: Tue Jul 14, 2020 7:44 pm Whatever keeps the cost low.
Would love to apply this logic to medicine
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by LazyNihilist »

ChrisBenn wrote: Tue Jul 14, 2020 7:41 pm
LazyNihilist wrote: Tue Jul 14, 2020 7:17 pm While the 1300 employees are not laid off, they are moved to Infosys. This should lead to lower overall expenses for Vanguard, which in turn means more money in the pocket of Vanguard Investors. I see this as a win for Vanguard customers.

In time the jobs will be out sourced to H-1B's.
In time those jobs will be out sourced to India (or other lower income countries).
In time those jobs will be automated.

Each step of the way, we as customers of Vanguard keep winning. :moneybag
Fidelity (and others) have lower ER's on many of the fund types - if all one cares about is #winning why not move already? If ER is your criteria you are already loosing.
I have funds at both Vanguard and Fidelity. What I meant to convey is that living in a capitalistic society we strive to reduce costs. And the more costs we reduce, the better our profits.
Like Kenkat posted above, it is sad that people lose jobs, but we are all pawns in the game.
The strong do what they can and the weak suffer what they must -Thucydides
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Gnirk »

prad81 wrote: Tue Jul 14, 2020 6:41 pm
McGilicutty wrote: Tue Jul 14, 2020 6:34 pm Is this a case where Vanguard is bringing in a bunch of H-1Bs to replace American workers?
No, this is a case where well-paying American jobs are outsourced to foreign companies and sent to India. In a couple of years, Infosys will reduce the 1300 head-count to about 30 onsite coordinators in the US and the rest of the work will be performed in India. This is their tried-and-tested operating model.
I hate to see good-paying American jobs being outsourced. It really ticks me off.
:thumbsdown :annoyed
Last edited by Gnirk on Tue Jul 14, 2020 7:50 pm, edited 1 time in total.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Helo80 »

prad81 wrote: Tue Jul 14, 2020 6:41 pm
McGilicutty wrote: Tue Jul 14, 2020 6:34 pm Is this a case where Vanguard is bringing in a bunch of H-1Bs to replace American workers?
No, this is a case where well-paying American jobs are outsourced to foreign companies and sent to India. In a couple of years, Infosys will reduce the 1300 head-count to about 30 onsite coordinators in the US and the rest of the work will be performed in India. This is their tried-and-tested operating model.

100%. I'm curious if anybody on this forum can defend Vanguard's actions, as this is 100% taking I presume to be solid American jobs and sending them to India. Infosys is one of the dirtiest H1B abusers in this country.

(Angry Cuss word) Vanguard.

@LadyGeek and other mods/admin --- is there anything we can do? Invariably, this decision was not made in haste, and it's likely too late.
Last edited by Helo80 on Tue Jul 14, 2020 7:50 pm, edited 1 time in total.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by SB1234 »

Since I think this will impact only the IT/website, we should all rest assured that vanguard's excellence in customer service will continue as is. :shock:
The ER on funds will go to 0.000001bp
anecdotes are not data
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by 02nz »

RocketShipTech wrote: Tue Jul 14, 2020 7:47 pm
nydoc wrote: Tue Jul 14, 2020 7:44 pm Whatever keeps the cost low.
Would love to apply this logic to medicine
Maybe we should. We spend way more per capita on health care than any other developed country and have a lower life expectancy than many.
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Helo80 »

brianH wrote: Tue Jul 14, 2020 6:58 pm I know people that work there, and I live near the Malvern office. This is a dirty move by them, and I will be moving as many assets as is practical to Fidelity -- there's no longer a moral argument to be made for Vanguard.


Yes, I will actively look into this as well.

I'd rather pay 8 or 10 bps for TSM Index funds to Fidelity and happily make Americans richer than pay 4 or fewer bps to Vanguard and let India get richer. I don't care if the Johnson family are a bunch of billionaires now and Jack Bogle (RIP) is small beans next to them. Jack is dead.

(Angry cuss word) Vanguard.
Last edited by Helo80 on Tue Jul 14, 2020 7:53 pm, edited 1 time in total.
nydoc
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by nydoc »

It’s already happening in medicine. Radiology has been outsourced. Low cost NPs and PAs replacing drs. Soon surgeons will be replaced with robotic surgeons sitting somewhere else. Capitalism at its best.
Helo80
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by Helo80 »

02nz wrote: Tue Jul 14, 2020 7:50 pm
RocketShipTech wrote: Tue Jul 14, 2020 7:47 pm
nydoc wrote: Tue Jul 14, 2020 7:44 pm Whatever keeps the cost low.
Would love to apply this logic to medicine
Maybe we should. We spend way more per capita on health care than any other developed country and have a lower life expectancy than many.
Without getting too far OT --- I lol'd at this.
brianH
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by brianH »

Kenkat wrote: Tue Jul 14, 2020 7:27 pm Everybody wants everything cheaper as long as it doesn’t affect our own high paying jobs.
It's interesting, because in the Vanguard lore, admiration was awarded (and deserved) to Jack Bogle, who's lack of greed and principles made him merely a couple hundred-millionaire instead of a billionaire many times over like he could have been. I wonder what he would think about the loss of American jobs to save a buck.
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TheTimeLord
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Re: Vanguard laying off 1300 employees as part of outsourcing deal with Infosys

Post by TheTimeLord »

LazyNihilist wrote: Tue Jul 14, 2020 7:49 pm
ChrisBenn wrote: Tue Jul 14, 2020 7:41 pm
LazyNihilist wrote: Tue Jul 14, 2020 7:17 pm While the 1300 employees are not laid off, they are moved to Infosys. This should lead to lower overall expenses for Vanguard, which in turn means more money in the pocket of Vanguard Investors. I see this as a win for Vanguard customers.

In time the jobs will be out sourced to H-1B's.
In time those jobs will be out sourced to India (or other lower income countries).
In time those jobs will be automated.

Each step of the way, we as customers of Vanguard keep winning. :moneybag
Fidelity (and others) have lower ER's on many of the fund types - if all one cares about is #winning why not move already? If ER is your criteria you are already loosing.
I have funds at both Vanguard and Fidelity. What I meant to convey is that living in a capitalistic society we strive to reduce costs. And the more costs we reduce, the better our profits.
Like Kenkat posted above, it is sad that people lose jobs, but we are all pawns in the game.
No, in a capitalistic society we strive to improve efficiency and innovation which lowers costs and leads to better products and profits.I suggest you study corporate history to see what happens to companies who just cut costs.
Last edited by TheTimeLord on Tue Jul 14, 2020 7:57 pm, edited 1 time in total.
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