A spokeswoman said that the Wells Fargo & Co., yhe fourth-largest US bank by assets, is looking to move some jobs outside the United States as it pushes forward with a company-wide cost-cutting program.
Bridget Braxton a spokeswoman said that the bank is considering sending work in its evacuation division, technology areas and other business lines to India and the Philippines. She dismiss to say how many jobs could be lost. Charlotte Observer reported that Wells Fargo was disposing to outsource jobs in its institutional evacuation division to India and the Philippines, extracting an internal memo sent to employees. She said that San Francisco based bank could also shift positions within the United States and it is examining which markets are the most economically attractive. Wells Fargi had about 265,000 full-time employees at the end of the first quarter, the vast majority will continue to based in the United States.
By the end 2012, Wells Fargo has told investors it aims to reduce quarterly expenses by about $1.7 billion to $11.25 billion. The bank has said that it would consolidate technology units and streamline staff functions as part of the efficiency initiative, it is called Project Compass.
Wells Fargo’s head of wealth management, brokerage and retirement services David Carroll says to Reuters that his business was looking at areas where it could use less expensive workers overseas, mostly for back-office processing tasks. Carroll’s business has about 35,000 employees with about 500 in India and Chile.
Wells Fargo opened a technology resource center in India’s Hyderabad to provide software development Wachovia, which Wells Fargo acquired in the year 2008 began partnering with Indian outsourcing firms such as Genpact Ltd in 2005.
REFERENCE:
http://tcdn04.abs-cbnnews.com/business/06/21/12/wells-fargo-looking-move-some-jobs-ph
