Wells Fargo & Co (NYSE:WFC) layoffs are leaving hundreds of Americans out of work as the leading American bank moves jobs to the Philippines.
In a Senate hearing on the fake accounts scandal last week, Wells Fargo CEO Tim Sloan confessed that the bank has been cutting U.S. call center jobs while adding to its workforce in the Asian country.
Wells Fargo’s workforce in the Philippines has grown from a modest 100 employees to a staggering 4,000 within the past six years. The bank’s future plans include further expanding its Filipino operations, including a new location which could house more than 7,000 employees.
Meanwhile, here in America, call center representatives are fearful of losing their jobs in the bank’s overseas expansion. And rightly so, because Wells Fargo has been closing U.S.-based call centers and laying off employees this year.
We’ve reported of at least two call center closures this year which have jointly …