CHARLOTTE, N.C., June 20 Wells Fargo & Co
, the fourth-largest U.S. bank by assets, is looking to
move some jobs outside the United States as it pushes forward
with a company-wide cost-cutting program, a spokeswoman said on
The bank is considering sending work in its retirement
division, technology areas and other business lines to India and
the Philippines, spokeswoman Bridget Braxton said. She declined
to say how many jobs could be lost.
The Charlotte Observer reported earlier on Wednesday that
Wells Fargo was preparing to outsource jobs in its institutional
retirement division to India and the Philippines, citing an
internal memo sent to employees.
Braxton said the San Francisco-based bank could also shift
positions within the United States and is examining which
markets are the most "economically attractive."
A global workforce could also help it meet the demands of
clients worldwide who want round-the-clock service, she said.
Wells Fargo 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, Braxton said.
Wells Fargo has told investors it aims to reduce quarterly
expenses by about $1.7 billion to $11.25 billion by the end of
The bank has said it would consolidate technology units and
streamline staff functions as part of the efficiency initiative,
called Project Compass.
David Carroll, Wells Fargo's head of wealth management,
brokerage and retirement services, told Reuters in February his
business was looking at areas where it could use less expensive
workers overseas, mostly for back-office processing tasks.
His business has about 35,000 employees, with about 500 in
India and Chile, he said at the time. Financial services firms
often shift technology and processing tasks offshore.
In 2006, Wells Fargo opened a "technology resource center"
in India's Hyderabad to provide software development. Wachovia,
which Wells Fargo acquired in 2008, began partnering with Indian
outsourcing firms such as Genpact Ltd in 2005.