TV News LIES

Saturday, Dec 20th

Last update06:42:07 AM GMT

You are here News Economy Wells Fargo May Send Some Jobs to India, Philippines

Wells Fargo May Send Some Jobs to India, Philippines

E-mail Print PDF

Wells FargoWells 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.

More...


Most Recent Related Stories...


Inequality Between America's Rich and Poor Is at a 30-Year High

economic inequality at 30 yr. highThere are many ways to compare finances, but perhaps a more holistic measure of financial health...

US adds 321,000 jobs, the most in nearly 3 years

unemploymentU.S. employers added 321,000 jobs in November, the biggest burst of hiring in nearly three years...

More Sears and Kmart closings than first announced

Sears closingsSears Holdings, the parent company to Sears and Kmart, announced it will close another 235 stores...

How Executive Ended Up With $196 Million in an IRA

IRA investmentCorporate and private-equity executives can accumulate millions of dollars in tax-favored retirement accounts, taking advantage of...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!