CIBC outsourcing jobs for profit is inherently wrong

CIBC, a Canadian bank that makes billions of dollars per quarter by locking Canadians in financial debt, while showing malevolent indifference to those desperately in need, is now outsourcing many of their jobs, leaving Canadians unemployed.

After it was revealed that our banks ripped off customers by providing shoddy advice and raising lines of credit behind our backs, while forcing staff to meet unrealistic sales targets, similar to that of the Wells Fargo scandal, was it not so unreasonable to expect a little goodwill shown to the Canadian people?

However, it appears any ethical or moral behaviour, especially in the banking sector is just too much to ask, as their never-ending, unrelentless pursuit for wealth, is more important than helping out the fellow Canadian.

So why is this outsourcing behaviour inherently wrong?

People who back the move will indeed argue it is the role of a private business to increase profits and appease executive shareholders, regardless if it throws Canadians under the bus.

To be honest, it’s sickening that people show this deferent attitude towards our banking system.  These banks make billion dollar profits per quarter off the backs of hard-working Canadians.  Is it not so much to ask that while you gouge the profits of our populace, the very least you can do, while doing so, is employ Canadians?  It is disappointing how quick people defend our banks when most Canadians are left strangulated in financial debt; and the banks, along with their ridiculous credit card fees and expensive mortgage plans, are solely responsible for this.

As mentioned in previous articles, banks have the ability to make money when they create loans.  Because of this, they are afforded a monopoly on the lending market, giving them the ability to make millions off this very practice.  Clearly, this is not enough for them.  Indeed, for banks to make millions of dollars, the only thing they have to realistically do is be prudent when giving out loans.  By doing so they are able to rake in millions in interest.  Even so, when providing mortgage loans for less than 20% on a down payment, borrowers are forced to take out insurance from the CMHC, a government funded agency.  So if these borrowers default, our federal agency is forced to take the hit and our banks take zero responsibility.  Essentially, they are making free, no risk money off this lucrative racket.

Yet, given the fact that they have this ability, banks still find it necessary to extract every last dollar for its shareholders, which in itself is inherently wrong.  The mandate of banks should not be to make as much money as possible for its shareholders.  When they have the very big responsibility of being able to essentially create money out of thin air, their responsibility should include enriching Canadians, providing prudent advice (not advice which leads to getting the most profits for banks as this can inherently be the worst possible advice) and fostering growth in the economy by providing small, affordable loans for businesses, along with reasonable, affordable rates for Canadians taking out loans.

When banks are focused on amassing the most profit for themselves, it results in faulty, highly-speculative, capital-intensive loans.  This mindset causes problems like our unaffordable housing sector and our recent banking scandal.

They should focus on small-business, organic loans, moves that will help Canada’s economy grow from the bottom-up.  Our government should instill a necessary framework to do so.

Regardless, all this is beside the point.  Billions of dollars are made off hard-working Canadians.  The very least they can do is provide the very same country who made them all this money with jobs for some of the Canadians who are unable to afford debt payments that they themselves are likely locked into.

But people will exclaim, if you don’t support the business than don’t use them.  Unfortunately, most Canadians are forced to have bank accounts and loans to function. There is really no way to circumvent using banks, or having a bank account.  Even so, the next bank is clearly no different than the last one.  Investigations from 4 years ago reveal that TD, Scotiabank, RBC, BMO and even CIBC have all done the same very thing – outsourcing jobs, so they can increase their bottom line profit.

Proponents of this globalist mindset will say that banks who pay for higher wages will result in higher prices that Canadians are forced to deal with.  However, banks are dealing with intangible products.  Regardless if there are workers in India or Canada, the services and products provided are the same.  The quality of the product itself is not reduced in any way.  Banks are just outsourcing jobs to India, because there are no labour or wage restrictions.  Furthermore, as said many times, banks make billions in profits – this coming from bank fees, mortgages, loans, these are all made off the backs of Canadians.  They can clearly afford paying an extra couple million to employ Canadians who are facing an oversaturated market, higher unemployment rates, and an increasingly gutted employment sector, due to outsourcing.

It’s very upsetting that our Canadian workers can lose their jobs for absolutely no reason aside from the fact that we have labour and wage restrictions in place.  The government needs to step in and put a stop to this.  The malfeasant greed of our banks are destroying the economy, wringing dry every last dollar from Canadians for their own personal gain.

About Jake Beaumont 58 Articles
BA in Media Studies from the University of Guelph. Graduated from the University of Guelph-Humber with a Diploma in Journalism. Former Research Analyst for Honest Reporting Canada. Published in the Huffington Post, Vancouver Province and many other newspapers across Canada. Specializes in Middle-East politics. Currently situated in Toronto.

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