Wells Fargo, the world’s third-largest United States bank, is continuing to fire American workers and outsource their jobs to foreign countries while rapidly expanding their workforce overseas.
A scathing report by the Charlotte Observer details how Wells Fargo executives are expanding their cheaper, foreign labor workforce in the Philippines, taking it initially from 100 workers to 4,000 workers and now announcing that the bank will build another facility in the foreign country to add potentially an additional 7,000 workers.
Meanwhile, American workers at the company have been hit with layoffs, with most recently Sen. Joe Donnelly (D-IN) calling out Wells Fargo CEO Tim Sloan on his offshoring U.S. jobs business model.
“I’ve learned that Wells Fargo has eliminated several hundred jobs here in this country recently, and more in recent years,” Donnelly said. “At the same time that you were letting these people go, you were adding on positions in the Philippines. How is that making it right by your people here that work for Wells Fargo?”
The Charlotte Observer outlined the most recent U.S. regions where Wells Fargo is laying off their American employees:
Across the U.S. this year, Wells Fargo announced a series of layoffs affecting call centers, including one just this week in Bethlehem, Pa. Wells will close that center, where about 460 people are employed.
In a separate announcement in September, the bank said 120 employees would be laid offthrough closing a reverse-mortgage operation affecting a Fort Mill, S.C., call center. The month before, Wells disclosed plans to close a Vancouver, Wash., call center in a move affecting 72 employees.
Cheap, foreign labor is the most prominent driver of multinational corporations outsourcing American workers’ jobs to third-world nations.
For instance, while the average yearly American family’s income is roughly $73,000, the average family’s income in the Phillippines is about $267,000 pesos, which translates to about $5,200 U.S. dollars, making it a haven for multinational corporations to exploit cheap labor.
As Breitbart News previously reported, Wells Fargo is just one of hundreds of corporations that, while outsourcing U.S. jobs, have demanded amnesty for illegal aliens.