Wells Fargo, the world’s third-largest United States bank, may have outsourced hundreds of Americans’ jobs to foreign countries after laying off U.S. workers this year.
Analysis conducted by the Charlotte Observer‘s Deon Roberts reveals how the multinational bank laid off hundreds of American workers while sending their jobs overseas.
Last year, Breitbart News reported that about 650 American workers with Wells Fargo were laid off from their jobs in Pennsylvania, South Carolina, and Washington. At the same time, Americans were being laid off, the multinational bank announced it would hire an additional 7,000 workers in the Philippines to add to its 4,000-strong workforce in the country.
Last month, Wells Fargo announced that about 638 Americans would be laid off from their jobs in Florida, California, North Carolina, and Colorado.
The Observer‘s analysis of federal documents reveals that potentially hundreds of those American jobs could have been sent to Wells Fargo’s expanding operations in the Phillippines and India.
In one case from 2011, an American worker with Wells Fargo said in federal documents that her job and potentially 200 U.S. jobs were being sent to India by the bank.
“Wells Fargo … sent large portions of our job duties to India branch of Wells Fargo,” the American worker wrote in the federal complaint. The worker said she trained workers in India for three months in order for the bank to swiftly outsource her and hundreds of U.S. workers’ jobs.
Wells Fargo executives told the Observer that the bank would not certify that more American jobs would not be outsourced to foreign countries in the near future.
The bank announced months ago, as Breitbart News reported, that about 26,500 workers at the multinational bank would be laid off by 2021.
Wells Fargo has consistently imported foreign workers through the H-1B visa program to take high-paying, white-collar U.S. jobs. Between 2015 and 2017, Wells Fargo tried to import nearly 400 foreign workers to take jobs in the U.S.
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 $5,200 U.S. dollars, making it a haven for multinational corporations to exploit cheap labor, lay off Americans, and widen executives’ profit margins.
Outsourcing and the offshoring of American jobs to foreign countries is a business model that has been embraced by multinational corporations. Corporations like AT&T, Harley-Davidson, Ralph Lauren, Nike, and IBM have all laid off Americans in order to send their jobs overseas.