Wednesday, June 20, 2012

Wells Fargo outsourcing some Charlotte jobs

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Wells Fargo outsourcing. Wells Fargo is outsourcing some jobs in Charlotte and other U.S. locations to India and the Philippines, according to an internal memo. The bank says its overall staffing in Charlotte -- about 20,000 -- will remain stable.

Helping Europe. Leaders of the European G20 nations have agreed to help drive down borrowing costs for eurozone countries by using the zone's 440 billion euro fund to buy bonds, the Financial Times reports. Spain in particular has seen borrowing costs spike, with yields exceeding 7 percent.

ATM gamble. A Bank of America ATM glitch let a man withdraw $1.5 million that wasn't his within 15 days, but the man proceeded to gamble with the money and lose it all, ABC News reports. He was caught, though, pleaded guilty and will be sentenced in federal court later this month.

Dimon speaks (again). JPMorgan CEO Jamie Dimon testified again Tuesday, this time to the House financial services committee. He told lawmakers that Dodd-Frank's provisions that limit U.S. bank subsidiaries overseas will make them less competitive with foreign banks, Bloomberg reports. He also said his bank properly disclosed losses when they knew about them. 


g said...