Wells Fargo looking to move some jobs to India, Philippines
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
(3,270 posts)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
(42,159 posts)TBF
(32,068 posts)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
(4,610 posts)amerciti001
(158 posts)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
(32,068 posts)I'm sick of 99% of us worldwide being robbed blind by the luxury class. YMMV.
AnotherMcIntosh
(11,064 posts)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" are working on another wage-lowering, let's-send-more-jobs-to-foreign-countries "free-trade" agreement.
raouldukelives
(5,178 posts)SDjack
(1,448 posts)glinda
(14,807 posts)wordpix
(18,652 posts)many mutual funds have WF as part of the portfolio. It's worth checking.
otohara
(24,135 posts)being "lost"....
Poof, gone....
12ZTR
(92 posts)How many Republicans,Teabaggers,& Right wingnuts will lose their jobs.ROFLMAO.
SnakeEyes
(1,407 posts)only right wingers are employed?
Art_from_Ark
(27,247 posts)it is-a moving to the Philippines
I wish I knew what it was moving for...