Wells Fargo (WFC) will outsource an unspecified number of jobs in its institutional retirement division to India and the Philippines as part of a broader cost savings initiative.
The number of jobs that will be outsourced was uncertain but during the last year, the San Francisco bank found that it can save more money by expanding its overseas presence, the Charlotte Observer reported Thursday.
Wells Fargo is looking to cut its expenses by $1.7 billion over the rest of this year, which would lower its fourth-quarter expenses to an estimated $11.25 billion. The bank has roughly 265,000 full-time employees.
"Wells Fargo has thoughtfully considered building small teams overseas as a business strategy for many years," Wells Fargo spokesman Josh Dunn said in a statement to the Charlotte Observer. "Our customers are international, demand round-the-clock service, and expect faster turnaround for decisions and responses. Global expansion of our workforce allows us to do these processes faster, with more flexibility."