NEW YORK — Wells Fargo & Co., the lender looking to trim more than $1.7 billion in quarterly expenses between the first quarter and the end of this year, may move some jobs overseas.
Roles in technology, the retirement division, and other business lines may go to India and the Philippines as part of a companywide review, said Bridget Braxton, a bank spokeswoman.
Wells Fargo announced plans in 2011 to cut expenses by $1.5 billion a quarter to about $11 billion at the end of this year. Costs rose in the first quarter to $13 billion, and chief executive John Stumpf said expenses may hit the high end of the range, or $11.3 billion.
Braxton, who declined to make the memo available, said it alerted employees that the bank was undergoing “an assessment” of the idea. She would not say how many jobs may be moved.