The Philippine Economic Zone Authority (PEZA) yesterday said Wells Fargo & Co. is transferring a portion of their business activities to India and is not closing down totally.
PEZA director-general Charito Plaza said such transfer consists only one out of their total 200 business lines operating in the Philippines.
Call center operations will be retained .
Plaza in a statement said Wells Fargo assured PEZA their move to transfer the information technology and technical business process services to India is a decision they implemented in all its sites or also in other countries.
“Notwithstanding, Wells Fargo & Co. other departments employing more than 3,000 Filipino employees will continue their operations in the Philippines,” Plaza said.
The total job cuts due to the transfer to India will be 700.
