Wells Fargo, the world’s third-largest United States bank, has announced that it will lay off about 26,500 employees after years of outsourcing American jobs and importing foreign workers.
In an announcement this week, Wells Fargo executives said that by 2021, about 26,500 workers at the multinational bank would be laid off. This accounts for about ten percent of the Wells Fargo global workforce, where 265,000 workers are currently employed.
The news comes after Wells Fargo has for years imported foreign workers to the U.S. to take high-paying, white collar jobs with the bank and has continued outsourcing jobs to cheap labor countries like the Phillippines.
In every state, white collar jobs are vanishing. What started with the exodus of tech jobs in the 1990s has now grown to affect doctors, accountants, graphic designers, engineers, physical therapists, purchasing managers, and recruiters. Pretty much every type of professional career woman, in spite of employment advances in the U.S., has been significantly affected by immigration. In many cases, to satisfy shareholders and profit margins, corporations are outsourcing “back-office” positions and replacing American professionals, particularly women, with cheaper foreign workers brought in on H-1B, F1, OPT,L1 and O visas.
One excellent recent example of this phenomena played out earlier this year. In January, insurance behemoth Transamerica entered into a $2 billion contract with Tata Consultancy Services, an Indian offshoring company that secures thousands of H-1B visas annually. Many U.S. technology workers will be displaced as a result of the deal. Much of the work will ultimately be shifted to Tata’s offices in India.
The Transamerica technology organization — which had a truly diverse workforce of American women, blacks, whites, Asians, Latinos, recent college grads and mid-career professionals — will instead be composed of a far less diverse population of workers. The majority will be Indian, male, and under 40.
Women STEM professionals are hurt. As this scenario has played out over and over again across America, female professionals are most often laid off and met with a challenging job landscape, they very often leave the technology field to opt into another profession that pays the bills and offers more job security.