Wells to Open Facility in India

Wells Fargo & Co. said today that it plans to outsource some of its technology operations to India because of a shortage of tech workers in the U.S. The bank plans to open a technology resource facility in Hyderabad India later this year for software development and other technology functions. The facility could employ up to 300 workers by the end of the year, the company said. Wells officials said the move is not driven by cost savings and will have no effect on its U.S. employment population. “This is simply about supply and demand ” said Victor Nichols, head of the bank’s technology information group. “Computer science graduates in the United States have decreased by about a third in the last four years, and during that time India has produced an abundant supply of technology and operations talent with over a half million technology and engineering graduates annually.”