CHARLOTTE – Wells Fargo plans to move jobs from the U.S. overseas as part of a strategy to cut costs. That includes jobs in Charlotte but the company says the overall size of its workforce in North Carolina will stay the same.
Wells Fargo will outsource positions to facilities in India and the Philippines as part of the bank's plan, called Project Compass, to cut quarterly expenses to $11 billion by year's end.
News 14 Carolina obtained a copy of an internal email from a bank employee who said he's concerned about the impact of the job cuts. In the memo, a Wells Fargo executive says the overseas sites "offer the opportunity to use Wells Fargo owned and operated offshore capabilities at significantly reduced costs, while at the same time, leveraging our existing technology infrastructure and security standards."
A bank spokesman confirmed the move overseas but would not say how many positions in North Carolina are affected. In a statement, spokesman Josh Dunn said, "Our customers are international, demand round-the-clock service, and expect faster turnaround for decisions and responses. Global expansion of our workforce allows us to do these processes faster, with more flexibility."
Wells Fargo employs more than 20,000 people in the Charlotte metro region and the official said that number would not change, meaning the bank is adding employees in other divisions.
The bank document does not give a timeline for the changes to take effect.
Wells Fargo says it will work to help the affected employees find new jobs and the spokesman did reconfirm the bank's commitment to Charlotte and North Carolina.