Wells Fargo & Co are looking at reducing cost through offshoring as part of continued cost-cutting measures. A spokeswomen from the company said that the bank is considering moving technology, retirement divisions and other departments to India and the Philippines.

The announcement comes as the fourth-largest US bank looks to increase savings by $1.7 billion through a variety of cost-saving measures.

Wells Fargo already has workers in India and China and the move would, according to the company allow for a global approach and provide for the demands of a worldwide client list at all times.