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With a view to cutting costs, lender Wells Fargo & Co (WFC: Quote) might shift some jobs away from the U.S. to India and the Philippines, reports said Wednesday. The bank had around 265,000 full-time employees at the end of the first quarter.

The lender is considering to move jobs in areas such as its retirement and technology divisions. The exact number of reduction was not known.

The bank is said to be weighing which is the economically attractive market and may also shift positions within the U.S.

The move may also help Wells Fargo cater better to the needs of the global clients, who may require service round-the-clock.

The firm had said in April that it expects quarterly noninterest expenses to decline $500-$700 million in the second quarter due to elimination of merger expenses and the absence of the first quarter seasonally higher personnel costs.

The firm also expects fourth-quarter expense at the upper end of forecast due to higher than expected revenues.

WFC closed on Wednesday at $32.81, down $0.15 or 0.46 percent, on 29.56 million shares.

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