Wells Fargo has announced plans to close its Global Capability Centre (GCC) in Chennai by the end of FY 2026–27. The banking company will gradually move its operations and employees to its main Indian hubs in Hyderabad and Bengaluru.
The decision is part of a broader restructuring across the company’s India operations. According to an internal memo, the transition will take place in multiple phases over the next three years.
Uday Odedra, Managing Director for Wells Fargo’s India and Philippines operations, explained that this move supports the company’s global strategy to streamline locations. “We’re aligning with our global location goals to boost efficiency, offer better career paths, and improve client service,” he said.
Wells Fargo has not shared how many workers will be affected by the Chennai closure. However, the bank currently employs about 10,000 people across India. Employees in Chennai have been offered the option to relocate to facilities in Bengaluru or Hyderabad.
Still, some workers are hesitant to move. Many face personal challenges or financial concerns that make relocation difficult. So far, there’s been no official announcement about severance pay or relocation support for those who choose not to transfer.
Industry experts see this move as part of a growing trend. Global companies are focusing operations in cities with better digital infrastructure and access to skilled talent. Hyderabad and Bengaluru, both key tech hubs, are clear winners in this shift.
Wells Fargo recently opened Tower 4, a modern, LEED-certified building in Hyderabad. This highlights the bank’s commitment to long-term growth in the city.
Despite exiting Chennai, Wells Fargo stressed that it remains committed to its operations in India and the Philippines. The company says it will continue investing in these regions to support global services 24/7.
