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Wells Fargo steps up expansion, hiring in India
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Wells Fargo steps up expansion, hiring in India
Wells Fargo, the fourth-largest bank
in the US by assets, is expanding its back-end business processing unit in India and is on a hiring spree, even as most other multinational banks downsize their corresponding units. Steve Ellis, executive vice president, wholesale services group, told ET that India is a key international centre in its global services and the bank would continue to beef up its operations here.
Over the past few years, several foreign financial services firms including Citibank, UBS and Aviva have either sold or are in the process of selling their captive BPOs. Most banks feel that economies of scale are limited in such operations and outsourcing work to third party BPOs is more effective. However, Wells Fargo believes that its unit here is of tremendous value and considers the team in India as an extension of teams in the US.
Mr Ellis’ visit to India comes at a time when the San Franscisco based bank has been still completing its merger with Wachovia Bank in India. Wells Fargo, which bought Wachovia’s global assets last year, has been relatively less affected by the global financial crisis. But the bank has over the years attracted criticism against its business practices, customer service and fee levels.
“As we aim to provide our global lines of businesses with a strong delivery capability around technology and business operations, we feel the need to broaden the scope of our search for talent,” said Mr Ellis in an exclusive interaction with ET. “The talent pool in India has been a key success factor in moving us into the future, and further strengthening our customers’ experience,” he added.
Mr Ellis said the company’s recent recruitments in its Hyderabad office have ranged from from 1 to 50 or more in a month and currently has people strength of over 800 spread across technology and business operations.
Neither Wachovia nor Wells Fargo has any retail or commercial banking operations in the country, but Wachovia is active in global payments, cash management, trade finance, treasury services and other activities. Wells’ BPO unit is involved in application development and other business brocesses related activities like financial analysis, financial modeling and service operation.
Source:
http://economictimes.indiatimes.com/news/news-by-industry/jobs/Wells-Fargo-steps
in the US by assets, is expanding its back-end business processing unit in India and is on a hiring spree, even as most other multinational banks downsize their corresponding units. Steve Ellis, executive vice president, wholesale services group, told ET that India is a key international centre in its global services and the bank would continue to beef up its operations here.
Over the past few years, several foreign financial services firms including Citibank, UBS and Aviva have either sold or are in the process of selling their captive BPOs. Most banks feel that economies of scale are limited in such operations and outsourcing work to third party BPOs is more effective. However, Wells Fargo believes that its unit here is of tremendous value and considers the team in India as an extension of teams in the US.
Mr Ellis’ visit to India comes at a time when the San Franscisco based bank has been still completing its merger with Wachovia Bank in India. Wells Fargo, which bought Wachovia’s global assets last year, has been relatively less affected by the global financial crisis. But the bank has over the years attracted criticism against its business practices, customer service and fee levels.
“As we aim to provide our global lines of businesses with a strong delivery capability around technology and business operations, we feel the need to broaden the scope of our search for talent,” said Mr Ellis in an exclusive interaction with ET. “The talent pool in India has been a key success factor in moving us into the future, and further strengthening our customers’ experience,” he added.
Mr Ellis said the company’s recent recruitments in its Hyderabad office have ranged from from 1 to 50 or more in a month and currently has people strength of over 800 spread across technology and business operations.
Neither Wachovia nor Wells Fargo has any retail or commercial banking operations in the country, but Wachovia is active in global payments, cash management, trade finance, treasury services and other activities. Wells’ BPO unit is involved in application development and other business brocesses related activities like financial analysis, financial modeling and service operation.
Source:
http://economictimes.indiatimes.com/news/news-by-industry/jobs/Wells-Fargo-steps
