Roles in technology, the retirement division and other business lines may go to India and the Philippines as part of a companywide review, Bridget Braxton, a bank spokeswoman, said today. News 14 Carolina reported a review for the retirement business earlier, citing an internal memo from a Wells Fargo executive it didn’t name. Braxton, who declined to make the memo available, said it alerted employees that the bank was undergoing “an assessment” of the idea. She wouldn’t say how many jobs may be moved.
Wells Fargo has had employees in India since 2006 when it opened a so-called technology resource center in Hyderabad. The bank cited a “growing need” for talent that couldn’t be met by U.S. workers, according to a statement in August, 2006. The move wasn’t made to cut costs, Wells Fargo said at the time. The lender started a Philippines-based unit in November, Braxton said. Many jobs in the Philippines are “customer- service” roles, while those in India involve technology functions as well as functions for many business lines across the bank, she said. Read more >>
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