Wells Fargo to shut Chennai GCC, shift roles to Bengaluru, Hyderabad

Wells Fargo to shut Chennai GCC by FY27, relocating roles to Bengaluru and Hyderabad as part of global consolidation strategy.

May 8, 2025 - 11:55

Wells Fargo to shut Chennai GCC, shift roles to Bengaluru, Hyderabad

Wells Fargo has announced plans to close its Global Capability Centre (GCC) in Chennai, with operations expected to wind down by the fourth quarter of FY2026–27. The decision is part of a broader restructuring of the bank’s India operations, aimed at consolidating its workforce in Bengaluru and Hyderabad.

Transition to be completed in phases

According to an internal communication reviewed by Moneycontrol, the transition will take place over a three-year period. Uday Odedra, managing director and head of Wells Fargo’s operations in India and the Philippines, stated that the move aligns with the company’s global enterprise location strategy. Employees currently working in Chennai have been offered relocation options to the firm’s other Indian hubs.

"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," Odedra wrote in the internal email.

Uncertainty over employee relocation

While Wells Fargo has not confirmed the number of employees impacted by the Chennai closure, it operates with a workforce of around 10,000 across its India locations. Employees unwilling or unable to relocate are reportedly considering alternate job options, according to People Matters. Several employees have expressed concerns over family-related commitments and the cost implications of moving to a new city.

No specific details have been shared by the company regarding severance or assistance for those who choose not to move.

Strategic shift to key metro hubs

The decision to concentrate operations in Bengaluru and Hyderabad reflects a broader trend among multinational firms, which increasingly prefer cities offering stronger infrastructure and a deeper talent pool. Both cities are home to large IT ecosystems and have historically attracted significant investments from global financial and technology companies.

Bengaluru is home to Wells Fargo’s largest Indian facility, while Hyderabad has also seen recent expansion, including the inauguration of its LEED-certified Tower 4 office space.

Implications for Chennai’s GCC profile

Wells Fargo’s exit marks a notable shift for Chennai, which has long served as a destination for global capability centres. The move may raise questions about the city's standing in India’s services landscape, especially as other metros continue to attract higher investment in technology infrastructure and skilled labour.

Industry analysts have pointed to issues such as slower infrastructure development and a smaller expat workforce as potential reasons multinational firms may reconsider Chennai for future expansion.

Company reiterates commitment to India

Despite the closure of its Chennai office, Wells Fargo maintains that India remains a key component of its global operations. In its official statement, the bank said it continues to invest in its Indian and Philippines teams to ensure round-the-clock global support.