U.S.-based Wells Fargo & Co. could cut "a few hundred" jobs across its three development centers in India as part of its strategy to become a more efficient company, The Economic Times reported Sept. 18, citing people familiar with the development.
The bank is cutting redundant roles from support functions and technology testing divisions in Hyderabad, Bengaluru and Chennai, where it collectively employs nearly 20,000 workers.
The report came about a year after the bank announced plans to reduce 5%-10% of its workforce globally in three years to cut costs.
