One of the biggest banks in the world is laying off 700 tech jobs that are currently outsourced in the Philippines, leaving stakeholders in a struggle to make sense of the wider implications of this massive job loss.
US-based bank Wells Fargo & Co. is downsizing its operations in the Philippines, leaving only 50 tech workers out of 750 by the end of the year, according to a report from Bloomberg on Friday.
Some of these jobs would be transferred to India instead, the Philippines’ main competitor in the information technology and business process management industry. Wells Fargo currently has about 12,000 workers in India.
This is part of a “global workspace strategy,” Bloomb…
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