Wells Fargo May Send Jobs Overseas After Firmwide Review

Gateway of India

Wells Fargo, a firm looking to trim more than $1.7bn in quarterly expenses by the end of this year, may move some jobs overseas.

Bloomberg reports that roles in technology, the retirement division and other business lines could shift to India and the Philippines as part of a companywide review, Bridget Braxton, a spokeswoman for the San Francisco-based bank, said yesterday. News 14 Carolina reported a review for the retirement business earlier, citing an internal memo from a Wells Fargo executive it didn’t name.

Braxton, who declined to make the memo available, said it alerted employees that the bank was undergoing 'an assessment' of the idea. She wouldn’t say how many jobs may be moved.

In the meantime, the BBC reports that former BayernLB banker Gerhard Gribkowsky has admitted taking $44m in bribes from Formula 1 President Bernie Ecclestone at a trial in Germany.

Gribkowsky was speaking seven months after Ecclestone gave testimony to the Munich court under immunity.

Ecclestone said he had paid Gribkowsky to avoid a UK tax inquiry into the sale of Formula 1 in 2006, but denied the payments were bribes.

And Bloomberg also reports that Sumitomo Mitsui Financial Group’s lending unit has fired a senior banker amid a government investigation into insider trading, two people with knowledge of the matter said.

The Securities and Exchange Surveillance Commission is considering asking prosecutors to pursue a criminal case over the trades, said three people, who asked not to be identified because the investigation isn’t public. The person hasn’t been accused of wrongdoing.

Finally, Reuters reports that hedge fund manager Steven Cohen was recently deposed by U.S. Securities and Exchange Commission investigators over whether he made certain illegal trades based on inside information, Bloomberg reported, citing people familiar with the matter.

Federal prosecutors and regulators have been investigating allegations of improper trading at SAC Capital, Cohen's hedge fund firm, since at least 2007, and U.S. authorities have implicated or charged four people with engaging in insider trading while working at SAC Capital in the last two years.


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