Wells Fargo to Cut Hundreds of Manila Workers in Tech Overhaul
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Wells Fargo & Co. plans to cut hundreds of workers in the Philippines and move some of their jobs to India as it joins a push across the banking industry to concentrate technology employees in fewer locations.
The bank will eliminate about 700 positions in Manila, spokesman Peter Gilchrist said. A portion of the jobs will move to India where the firm already has about 12,000 tech workers. The San Francisco-based lender is also telling about 650 tech workers in the U.S. that they’ll need to relocate to a larger market to keep their jobs.