Wells Fargo spokeswoman Bridget Braxton was quoted by Reuters as saying that the bank will send its work, pertaining to retirement division, technology areas and other business lines to India and Philippines.
Currently, the bank employs approximately 265,000 full-time jobs at the end of the first quarter, in which the big chunk will continue to base to the US.
The bank has seriously working on its cost reduction strategy, under which it has planned to curtail it expenses by about $1.7bn to $11.25bn by the end of this year.
In order to streamline its operational efficiencies, the bank will consolidate technology units and restructure staff functions as part of the efficiency initiative, called Project Compass.
