@Blickers,
The company is doing fine - it is actually obtaining additional business so it isn't that the company is leaving or hurting financially it is simply outsourcing jobs. It is significantly cheaper for property and salaries overseas - we were quoted in one meeting what the cost is overseas vs here locally and it is pretty much pennies on the dollars. This is why whenever you call customer service you can tell by the accent it is likely from overseas.
The problem is this is no different than most other companies in my industry (not to mention almost every industry).
I actually left one company 5 years ago because my job was moving across country - so it was either move with it or get another job. I did consider relocating once before, but due to the housing market at the time I had difficulty selling my home and my company kept extending me and when another opening came available locally they just moved me into it - then flash forward another 5 years or so and the same thing was happening to my job; my kids were older and life changes and there was no way we were going through that all again.
A friend knew of a position and I was a great fit for it and so I took it. Been here 5 years (with another internal transfer).
Our office overseas is actually hiring people that work for another local financial company so yes it is becoming the norm to open offices in places like China and India for cheap property and labor from entry level to VP positions.