2006-2008 “The objective of WFIS has been to establish a source of talent for Technology positions Wells Fargo has been unable to fulfil in the US.” (Lie: Talent doesn’t exist in U.S.)
2012 While refusing to divulge the timing and the number of positions moving to offshore, Wells Fargo says the majority of its workforce will remain in America. (Limited disclosure followed by fluff)
2014 Wells Fargo & Co, is likely to shift “some” of its technology and back-office processing work away from the US, with the jobs being transferred to India and the Philippines. (Limited disclosure)
2015 Wells Fargo lays off 1000 Call Center employees claiming “as the economy has improved there have been fewer mortgage delinquencies and less need for Call Center assistance.” (Lies)
and then…
2017 Wells Fargo Tim Sloan admits its Call Center layoffs are related to its ramped up hiring in the Philippines. (Partial truth when called out)
2020 After shifting 400 jobs in Iowa overseas, Wells Fargo spokesman Steve Carlson says that company executives "are committed to retaining as many U.S. team members as possible and do everything we can" to keep them at Wells Fargo.” (Lies, after being called out)
2024 Scharf boasts about cutting 60,000 jobs while also building out India and the Philippines. So how many US jobs have been cut? I would estimate 80,000-100,000 jobs but would like to hear your thoughts.
Wells Fargo is now in India and the Philippines in the following areas: Technology, Operations, Risk and Analytics, and “Corporate Support Teams” for all (or nearly all) LOBs.
India engages in application development and support, testing, other technology functions, international operations, knowledge support, and middle and back-end banking process solutions for a wide spectrum of Wells Fargo's needs. It currently has offices in Bengaluru, Chennai, Hyderabad, and Manila.