Signage with emblem at headquarters of Wells Fargo Capital Finance, the business banking division of Wells Fargo Bank, within the Financial District neighborhood of San Francisco, California, September 26, 2016.
Smith Collection/Gado | Archive Photos | Getty Images
Wells Fargo is exploring the sale of the San Francisco constructing the place its headquarters are positioned, a supply accustomed to the matter informed Reuters, because the lender strikes to a brand new constructing.
The financial institution’s company headquarters will proceed to be in San Francisco and it has no plans to maneuver out of the town, the financial institution mentioned in an emailed assertion to Reuters.
The lender has already began to interact in casual conversations with potential patrons and its workplace within the metropolis’s monetary district could possibly be put in the marketplace as quickly as this month, in response to a report within the Wall Street Journal, which first reported on the information.
Wells Fargo has employed the real-estate funding financial institution Eastdil Secured, which it bought in 2019 and nonetheless owns a minority stake in, as an adviser, the Journal mentioned.
“As a part of our multi-year effort to construct a stronger, extra environment friendly Wells Fargo, we frequently assess our actual property portfolio,” Wells Fargo mentioned.
Wells Fargo additionally mentioned that it has completed enterprise in San Francisco since 1852, and “the town stays necessary to the financial institution”.
