Wells Fargo looking to move some jobs to India, Philippines

[OhioChick]

Source: Reuters

21 Jun, 2012, 09.02AM IST, Reuters

CHARLOTTE, NC: Wells Fargo & Co , the 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, a spokeswoman said on Wednesday.

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."

Read more: http://economictimes.indiatimes.com/news/news-by-industry/jobs/wells-fargo-looking-to-move-some-jobs-to-india-philippines/articleshow/14312990.cms

[ChromeFoundry]

1. Cost-Cutting?

They had a $4.1 billion, 2011 Q4 Net Income with $20.6 billion Revenue.

Yet they need to pull the rug from beneath the US Citizen's feet.

[sakabatou]

4. They don't care about anything as long as it gets them profit.

[TBF]

2. The fuckers need to be nationalized.

We own them - we bailed them out. There should have been tight regulations on that money - no bonuses, no stockholder dividends, no jobs off-shored when Americans are bailing them out. This is wrong.

[Tippy]

3. YES..Nationalize them....

[amerciti001]

14. That's just the type of langauge...

that keep the Repuggish Party up at night. "Nationalization" of these Institutions should always be the last straw (threat) used to keep them in line. Also, if a company wants to outsource American jobs,any jobs last will be compensated with at the minimum of 4 years pay at the present rate of pay for those who job is lost. Oh yeah, and tax free...

[TBF]

15. I hope it does keep them (and you if appicable) up at night -

I'm sick of 99% of us worldwide being robbed blind by the luxury class. YMMV.

[AnotherMcIntosh]

5. How many Wells Fargo lobbyists are working with other lobbyists on the latest "free-trade" agreement

That, too, is undoubtedly is a secret.

While our own Senators and Representatives cannot get access to information, the lobbyists (called by some as the "A-Team of lobbyists&quot are working on another wage-lowering, let's-send-more-jobs-to-foreign-countries "free-trade" agreement.

[raouldukelives]

6. At least the shareholders will be happy. nt

[SDjack]

7. CEO needs a bonus -- this was easiest way to deliver it. n/t

[glinda]

8. We just pulled the last of our money out of there. I wish we could kick them out of the Country.

[wordpix]

9. glad I have no dealings with this bank but

many mutual funds have WF as part of the portfolio. It's worth checking.

[otohara]

10. More Middle Class Jobs

being "lost"....

Poof, gone....

[12ZTR]

11. Too bad NEO-CONs

How many Republicans,Teabaggers,& Right wingnuts will lose their jobs.ROFLMAO.

[SnakeEyes]

13. Do you really believe that

only right wingers are employed?

[Art_from_Ark]

12. Oh, ho, the Wells Fargo Bank

it is-a moving to the Philippines
I wish I knew what it was moving for...

[may3rd]

16. It's all part of the trend

http://news.yahoo.com/world-stocks-fall-amid-us-jobs-housing-gloom-092105705--finance.html

[ihavenobias]

17. Kick n/t