Companies push jobs offshore because companies are not required to disclose where in the world employees are physically located and the cost savings to the company are incredible.
A corporation will do ANYTHING - even highly if its questionable and highly unethical unpatriotic behavior - to "win". Labor in particular recently has bore the brunt of these terrible anti-labor corporate behaviours.
Here is what they been doing (and its not just Wells Fargo):
If a corporation fires 1000 American workers and hires 1500 workers who are physically located in India, on the annual corporate disclosure reports the corporation can report they added 500 jobs. They are not currently under any mandate to admit that 500 jobs were actually created in India.
And its why in Teamworks the total employees does not seem to change much - chainsaw is nearly 1:1 replacing you and your American colleagues with Indian nationals in India. This also includes managers - managers are also being transitioned.
Fire 1 American hire 1 Indian, Teamworks would show a net change of zero, the total count of employes would be steady and unchanged.
USA has labor laws on the books to help protect American workers - getting a green card or H1B visa is a tightly regulated highly coveted process. American salaries are so high when compared globally that immigrants flood America's southern border with hopes that even working illegally they would make far more being an illegal immigrant doing nasty jobs in usa than they would make in their home country.
But - "technological advances" for office jobs have created a conundrum for regulators. Today, a corporation can hire an Indian sitting in India to work a job that would have gone to an American through the use of technology - in specific VDI's and remote desktop - that makes the work experience in India near equal to those employees who sit in America.
Why do companies do this?
Simple - cost. The average salary at the bank is about $65,000 per year + expensive health care benefits + social security tax + unemployment tax + expensive realestate office + state tax. Total cost of 1 American worker easily exceeds $80,000 per year.
And in India?
A lot less - the average income in India is around $20,000 per year. Health care is so cheap the bank offers the employee FREE health care not only to the employee, but the employees children, spouse AND the employees parents. Total cost to employ one Indian? Less than $30,000.
That means for every American employee the bank displaces SAVES the bank over $50,000 per year - now you understand why chainsaw is so eager to cut Americans and hire Indians.
If the bank cuts 5000 American employees per month (and they are), the net savings to Wells Fargo is over $250,000,000 per year. Multiply that by 12 months its over $3,000,000,000 per year in REOCCURING annual savings.
But - there is a new sheriff in town:
https://www.cnbc.com/2021/08/20/the-sec-wants-to-know-how-well-companies-are-treating-their-workers.html
At the Federal SEC level:
"Investors want to better understand one of the most critical assets of a company: its people. I’ve asked staff to propose recommendations for the Commission’s consideration on human capital disclosure. This could include a number of metrics, such as workforce turnover, skills and development training, compensation, benefits, workforce demographics including diversity, and health and safety."
And that is not all - currently, Wells Fargo is based in California. A new bill has just been proposed to "induce" employers to disclose more worker information, including where in the world all these employees are located:
"The California State Controller is working with the Drucker Institute on worker metrics and currently has a bill in front of the California legislature to require companies with more than 1,000 employees to disclose human capital metrics."
https://leginfo.legislature.ca.gov/faces/billCompareClient.xhtml?bill_id=202120220AB1192&showamends=false
So what does this all mean?
The tide is shifting. Corporate bad behaviour against labor is soon coming to an end.
Cheating labor is about to get exposed and corporations are ill-prepared for the harsh political backlash that is coming.
Game over chainsaw.
You got your money, I fully expect for you and your ilk to move on before these rules become law.
Good riddance.