Wells Fargo to shut Chennai GCC, asks employees to move to Bengaluru or Hyderabad

 

Wells Fargo to shut Chennai GCC, asks employees to move to Bengaluru or Hyderabad

American financial services firm Wells Fargo is shutting its Chennai Global Capability Centre (GCC) and has allowed employees to move to Bengaluru or Hyderabad by Q4FY27.

“This move aligns with our enterprise location strategy and allows us to provide more robust career growth opportunities and better service for our customers and clients. This means that we will be transitioning out of Chennai to Bengaluru and/or Hyderabad by Q4 2027,” Uday Odedra, head of India and the Philippines, said in a mail from to employees. Moneycontrol has reviewed a copy of the mail.

A GCC is a captive unit set up by a company to carry out information technology (IT) and related business functions.

India is home to almost 1,700 GCCs, employing close to 2 million and is poised to contribute 3.5 percent to India’s GDP by 2030.

Odedra thanked employees for their commitment and professionalism as the San Francisco-headquartered firm moves through the transition.

Some employees have already begun looking for new jobs, unwilling to relocate, sources said. Reports suggest the company has about 10,000 employees spread across Bengaluru, Hyderabad, and Chennai.

Though the company maintains that the move aligns with its global location strategy, many on social media have criticised Chennai as companies are relocating from the city, citing its insularity and lack of social life.

"The India and the Philippines region is an integral part of Wells Fargo’s global operations. We have made significant investments in the region, which has helped us create a talented workforce, while providing around-the-clock service to our customers. Aligned with our global location strategy, which we have been executing on for the last few years, we have made the decision to consolidate our business operations in India to Bengaluru and Hyderabad. This move allows us to provide more robust career growth opportunities and better service for our customers and clients. This change will be carried out in a phased manner over the next couple of years," Wells Fargo said in a statement.