Wells Fargo to eliminate about 700 jobs in Manila

[BENGALURU] Wells Fargo & Co is planning to eliminate about 700 workers in Manila, Philippines, and move a portion of these roles to India that already houses nearly 12,000 tech employees, the US bank's spokesman said on Thursday.

The eliminations of the staff was earlier reported by Bloomberg, which also said the lender is telling about 650 of its tech workers in the United States that they will be required to relocate to a bigger market to keep their jobs.

The bank laid off more than 200 employees in its US lending divisions in 2019, as it reacted to business trends and restructured some units, sources told Reuters in October.

Last month, Wells Fargo reported a 55 per cent slump in its fourth quarter profit as new boss Charles Scharf set aside another US$1.5 billion for legal costs related to its sales scandal.

REUTERS