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When Did Banks Stop Thinking of Cost

Wells Fargo, a US-based bank, has announced the opening of a technology facility in Hyderbad, India, citing a shortage of qualified technical talent in the United States. The bank stated thatthe facility would provide technology resources, including software development. It plans at first to hire 30 to 50 people for the facility, and might employ as many as 300 next year.

Victor Nichols, Wells Fargo's head of technology information, said US computer science graduates have fallen by about one-third in the last four years, while more technology and operations specialists are coming from India. "The comparatively small amount of work we're planning to do in India--the same as work done for us today by outside contractors, some in India--is not motivated by cost savings and thus will have no effect on our US-based employment," Nichols said.

"This is simply about supply and demand," Nicolas said in a statement." Like most major U.S. companies, we're facing a shortage of qualified technical talent, and we're not able to continue to meet this growing demand for such talent here in the United States alone."


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