Wells Fargo & Co.the lender looking to trim more than $1.7 billion in quarterly expenses by the end of this year, may move some jobs overseas.
Roles in technology, the retirement division and other business lines could shift to India and the Philippines as part of a companywide review, Bridget Braxton, a spokeswoman for the San Francisco-based bank, said yesterday. News 14 Carolina reported a review for the retirement business earlier, citing an internal memo from a Wells Fargo executive it didn’t name.
Wells Fargo announced plans in 2011 to cut expenses by $1.5 billion a quarter to about $11 billion at the end of 2012. Costs rose in the first three months of the year to $13 billion, and Chief Executive Officer John Stumpf said expenses may hit the high end of the range, or $11.3 billion.
“We are absolutely committed, but if we get to the fourth quarter and if, for whatever reason, there is all kinds of revenue available in a certain business -- or a number of businesses -- we’re not going to be slavish to any one number,” Stumpf said April 13 in response to an analyst’s question.