Wells Fargo outsources to PH

Wells Fargo outsources to PH despite US bill 
BPO sector to create 120K jobs this year

"Despite the US anti-outsourcing bill, America's fourth-largest bank by assets has started to transfer some of its non-core, business support activities to the Philippines.


"Wells Fargo has recently established a Philippine solutions center, reinforcing Manila's reputation as a global hub for labor-intensive and IT-enabled outsourcing services, said former Senator Ernesto Herrera, president of labor group Trade Union Congress of the Philippines (TUCP).


""We welcome Wells Fargo's launch of an in-house business support center in Manila, following the footsteps of JP Morgan Chase & Co. and Citigroup Inc.," Herrara said."


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"Wells Fargo & Co., the second largest US bank in deposits, home mortgage servicing and debit cards with $1.3 trillion in assets, is setting up a business support center in Manila as the country’s booming business process outsourcing (BPO) industry is projected to produce more than 120,000 new jobs this year.


"Company officials did not disclose the value of the investment neither the number of BPO workers the operations would employ.


"“We selected the Philippines to be part of Wells Fargo’s international footprint based on the country’s reputation for strong customer service, a large English-speaking population and a cultural affinity to the United States,” said David Caldwell, managing director of Wells Fargo Philippines Solutions, the local subsidiary of the US banking giant.


"The new investment is also good news for property developer Megaworld Corp. on whose McKinley Hill Cyberpark project will rise a new building to serve the outsourcing needs of the US banking giant.


"“Our location in McKinley Hill gives us a strong foothold as we are among our peers in the industry,” Caldwell said.


"Wells Fargo joins other high-profile BPO locators at the 14-hectare McKinley Hill Cyberpark, including Accenture, HP and Thomson Reuters."