Wells Fargo moves jobs abroad after U.S. layoffs,
government says
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[December 22, 2018]
By Imani Moise
(Reuters) - Wells Fargo & Co. <WFC.N> has
been hiring overseas after pledging to eliminate thousands of jobs,
according to a Department of Labor investigation.
The department determined that American employees who have been laid off
in Wells Fargo’s customer account management unit after Sept. 28 will be
eligible for government aid under the Trade Adjustment Assistance (TAA)
program. The program provides weekly income and training to help workers
displaced by global trade find new jobs.
The bank “has shifted to a foreign country the supply of a service like
or directly competitive with the service supplied by the workers,” the
TAA determination said.
The document, available online, did not specify which countries jobs
were being moved to or how many people were hired overseas. The
department’s findings were earlier reported by The Charlotte Observer.
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Ninety percent of Wells Fargo's workforce is U.S.-based, and the company
currently has 17,000 open positions domestically, spokesman Kurt
Schroeder said in a statement. However, he said, employees abroad are
needed in order to meet the demands of customers who need
round-the-clock support.
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![](../images/122218pics/busine55.jpg)
A Wells Fargo logo is seen at the SIBOS banking and financial
conference in Toronto, Ontario, Canada October 19, 2017. Picture
taken October 19, 2017. REUTERS/Chris Helgren
![](http://archives.lincolndailynews.com/2018/Dec/22/images/ads/current/modern_brake_lda_christmas_2015.png)
"Wells Fargo has a long history and strong commitment to a work force that is
predominantly U.S.-based," he said.
Wells Fargo, the largest bank employer in the United States with roughly 262,000
workers, said on Sept. 20 it would reduce its total headcount by up to 26,0000.
Last month the bank handed out roughly 1,000 60-day notices to employees across
the United States, and over the summer it laid off 600 employees in its mortgage
division.
The reductions are intended to help the bank reach its goal of cutting costs by
$4 billion by 2020 as it tries to increase profit and recover from a series of
sales-practice scandals while operating under the Federal Reserve’s asset cap.
Aside from headcount cuts, Wells Fargo has pledged to lower costs and become
more efficient by reducing its branch count by about 800 by 2020 and by selling
noncore businesses.
(Reporting by Imani Moise; Editing by Cynthia Osterman)
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