Wells Fargo, the fourth largest U.S. bank, has decided to move an unspecified number of jobs to India as part of its plan to increase efficiency.
“We are thoughtfully pursuing a strategy for where we grow and where we shift resources over the long-term. Businesses and functional areas are investigating what markets are most economically attractive, with access to the best talent, both internationally [including India and the Philippines] and domestically,” said Wells Fargo & Company spokeswoman Bridget Braxton. While refusing to reveal the number of jobs that would be moved to India and the Philippines, she added that the areas of business which would be impacted included retirement and technology.
Wells Fargo employs 3,000 people in India at its Hyderabad and Bangalore offices, and 240 in the Philippines, according to the bank.
Ms. Braxton said: “The timing and the number of positions that would be impacted have not been identified yet, but the majority of our workforce will continue to be based in America. We’re the 12th largest private employer in the U.S.”
The 150-year-old American financial powerhouse with $1.333 trillion in assets as of December 2011, and the largest by market value, has been present in India since 2006 as a trade financier, apart from running a technology centre.
Offering the reason for shifting jobs, Ms. Braxton said: “Our international customers expect round-the-clock service, apart from faster turn-arounds for decisions and responses. In collaboration with teams in the U.S., our teams at WFIS and WFPS help us meet these expectations. Global expansion of our workforce will allow us to do these processes faster, and with more flexibility.” — PTI