Wells Fargo eliminates 400 jobs in India in move to optimise global capability centres

American multinational financial services company Wells Fargo is reported to have eliminated 400 jobs, mainly in the engineering and administrative divisions in India, as the company enhances its AI-assisted technology capabilities. 

Wells Fargo, according to reports, is optimising its global capability centres (GCCs) in India, as part of its plan to consolidate global operations, which is spread over 35 countries.

Reports say the company is planning to shut its Chennai GCC by 2027, and shift all operations to Bengaluru and Hyderabad, which it considers better equipped for the future. It is not known whether there will be any further optimisation of operations or job cuts.

While the company is aligning itself with market realities, staffing levels will also get adjusted to the evolving techno-economic scenario, but the company will try to retain as many employees as possible, reports cited Wells Fargo officials as saying.

Consolidation mainly involves centralisation of operations by eliminating surpluses or redundancies in workforce as also enhanced automation of functions that are aimed at improving efficiency over the longer period.

Global financial institutions operating in diverse countries are vulnerable to emerging financal conditions in those economies and needs recalibration to adjust to evolving situations amidst falling interest incomes.