U.S. financial services group Wells Fargo & Co. said Tuesday that it is setting up a technology facility in Hyderabad, India, citing a growing need for technology talent that cannot be met solely in the United States.
The facility will provide technology resources including software development for a variety of functions at the company.
The facility will open in the fourth quarter with between 30 and 50 local staff, Wells Fargo said. The operation will not affect the company’s U.S. employment levels and will not manage any customer information, the company said. Customer-facing functions will also continue in the United States.
A number of U.S. and U.K. banks including Bank of America, Citigroup and HSBC Bank either have their own operations in India or outsource to local companies.
The facility, which is to be set up as a subsidiary of Wells Fargo Bank NA, plans to have up to 300 staff by the end of next year.
