Memo to Kerry Killinger, Chairman & CEO
of Washington Mutual Bank:
According to news sources in the last few days, your bank is spearheading more outsourcing of jobs from the U.S. to outside countries, supposedly as a way for your company to cut costs, However, according to your 4th quarter report, WAMU's profit rose nearly 30%, securing your company's position as the largest U.S. savings and loan organization. In fact, you enjoyed a net profit of $865 million in 2005. How then can you explain your need to cut costs and deprive more Americans of jobs?
According to a recent Reuters online article, your "Seattle-based company also announced plans to cut back office costs, an effort it said would involve relocating operations to lower cost cities inside and outside the United States. Washington Mutual said its current overseas workforce of 1,700 full-time employees would more than triple to 6,000 within two years and said it was moving 1,000 jobs from California to Texas."
As a tax-paying American and Californian who is saddened by our rising unemployment and declining economy, the news that WAMU will be eliminating jobs in California, as well as in the U.S., sickens me.
Almost a year ago, Unionvoice.org drafted a petition letter that explored your organization's alleged complicity with Wipro and call center employees in India. They urged you to "reconsider the practice of sending call center services outside the country and laying off U.S.-based employees in this process."
Their thoughtful letter asked "WaMu to become a leader in dealing with the outsourcing/offshoring issue, rather than merely implementing a business "fix" for this particular situation. As a society, the growing practice of outsourcing/offshoring has negative impacts for our communities in the U.S. and for communities and workers everywhere."
It is unfortunate that your response to that request was this week's announcement that you will increase outsourcing and layoff even more American workers over the next two years.
In addition to this latest development, it seems that your bank has been sticking it to accountholders for years. SmartMoney Magazine's article titled "I can't believe they treat people like this" exposed your organization's propensity for mishandling mortgage payments and being non-responsive when questionable practices were revealed. I can personally attest to several account errors I've experienced over the years, and the frustrations I've had to endure to clear up mistakes made by your institution.
I encourage all WAMU account holders to consider taking their business elsewhere, to an institution that believes in supporting our economy. WAMU would do well to look at the business model of Godaddy.com, whose CEO understands the importance of keeping jobs in our country. Perhaps hitting WAMU in the pocketbook will be a language you will understand.
Mr. Killinger - Don't you realize your outsourcing is killing our economy? Since you're giving it to Americans up the wazoo, maybe it's time we give your bottom line an enema.
