Relocation of 700 jobs doesn’t mean Wells Fargo ‘withdrawal’ from PH

In this May 6, 2012, photo, a Wells Fargo sign is displayed at a branch in New York. (Photo by CX MATIASH / AP)

MANILA, Philippines — The relocation of 700 technology jobs from Manila was never intended for a planned withdrawal of Wells Fargo in the Philippines, the financial services company said on Monday.

Wells Fargo, one of the biggest banks in the world, issued the statement in response to reports that it will lay off people holding the said jobs currently outsourced in Manila, leading to its downsizing of operations in the Philippines.

READ: Wells Fargo downsizing PH operations

According to Wells Fargo, its planned “global workplace optimization strategy” is part of its three-year technology strategic-plan, aiming “to help increase technology’s speed and engagement.”

It added that, out of the 5,500 employees sourced in Manila, 700 of them would be moving to locations with a “with a larger technology employee presence,” primarily in India.

“Wells Fargo will continue to have approximately 50 Technology team members in Manila and nearly 4,800 employees overall located in the Philippines,” the finance company said.

“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,” it added.

The finance company also maintained: “Wells Fargo remains committed to operating in Manila as a strategic location and has no plans to close its Manila operations.”

Wells Fargo also said that the Philippines would remain as “strategic location” for the company.

“The relocation of these limited technology roles does not impact Wells Fargo’s clients in the Philippines, who will continue to be served through the Wells Fargo Manila Representative Office and regional teams across Asia Pacific,” the company said.

/atm