Wells Fargo exploring plans to move more jobs overseas

Wells Fargo exploring plans to move more jobs overseas

Wells Fargo is considering exporting jobs to offshore sites in India and the Philippines as it embarks on a company-wide cost-cutting programme aimed at eliminating billions of dollars in quarterly expenses.

The big US bank currently employs 3000 people in India and another 240 in the Philippines, where it opened a new facility in November. It is now looking at expanding these sites to accommodate jobs currently performed in the US by its retirement and technology divisions.

Bank spokeswoman Bridget Braxton confirmed that the bank is undertaking an "assessment" of the opportunities for offshore savings.

"Our customers are international, demand round-the-clock service and expect faster turnaround for decisions and responses," she says. "Global expansion of our workforce allows us to do these processes faster, with more flexibility."

The bank way also move positions around the US, confirms Braxton, as it explores which geographic locations are the most "economically attractive".

In a presentation to analysts last year, Wells Fargo outline a programme dubbed Project Compass, that would work to consolidate technology operations and rationalise staff numbers in an effort to cut expenses by $1.5 billion a quarter to about $11 billion at the end of 2012.

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