Wells Fargo considers taking some jobs offshore

Wells Fargo & Co.’s chief financial officer says the bank is looking at moving some work offshore as part of its efforts to centralize functions and slash billions of dollars in costs.

John Shrewsberry, speaking at an investor conference in New York, said that offshoring could be a component of a centralization process at the bank, which is pushing to change its corporate structure following a sales scandal that erupted in September, The Charlotte Observer reported Wednesday.

Wells Fargo’s board, in a report released in April, cited a decentralized corporate structure as a principal reason for executives not responding quickly enough to bad sales practices. Shrewsberry said Wells Fargo decided about 18 months ago to centralize such functions as finance, human resources, risk and marketing.

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One response to “Wells Fargo considers taking some jobs offshore

  1. This story is yet another reason not to bank with Wells Fargo as offshoring the work may result in security breaches that could expose the sensitive financial information of their banking customers.

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