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Wells Fargo to maintain presence in Philippines

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REUTERS

WELLS Fargo & Co. said it will maintain its presence in the Philippines with a staffing level of about 4,800 workers, following the relocation of Manila-based technology jobs to India.

In a statement, the US bank said the relocations are part of a consolidation of such jobs worldwide in major tech centers, and estimated the Manila job losses at 700.

“Relocation of these limited technology roles was never intended to imply that there was a larger planned withdrawal of Wells Fargo from the Philippines, as has been incorrectly represented by some media channels. Wells Fargo remains committed to operating in Manila as a strategic location and has no plans to close its Manila operations. In fact, Wells Fargo inaugurated a new 12-story structure at McKinley Hill, Bonifacio Global City on July 1, 2019. This location is primarily an extension of the operations, knowledge services, and corporate support teams of Wells Fargo. It facilitates international operations, knowledge support, and middle and back-end business process solutions for a wide spectrum of Wells Fargo needs,” it said.

“We value all of our employees’ contributions and will provide a notice period and, as required by local laws, separation benefits to those who are impacted by the change.”





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