U.S. banking giant Wells Fargo & Co. said it will relocate jobs in its institutional retirement division from North Carolina to overseas locations.

In a memo to employees, Wells Fargo said some of the jobs would go to the Philippines, while others would go to India.

Wells Fargo is attempting to trim operating expenses by $1.5 billion per quarter, the Charlotte (N.C.) Observer reported Wednesday.

The bank has about 20,500 employees in the Charlotte area. That number is not expected to change dramatically, the newspaper said.

Some of the service center jobs are to be relocated to a bank facility in Waco, Texas.

"Wells Fargo has thoughtfully considered building small teams overseas as a business strategy for many years. Our customers are international, demand round-the-clock service, and expect faster turn-around for decisions and responses. Global expansion of our workforce allows us to do these processes faster, with more flexibility," bank spokesman Josh Dunn said in a statement. (c) UPI