Wells Fargo to Move HQ in San Francisco: Sources

05 Dec 2024 CW Team

Wells Fargo is exploring the sale of the San Francisco building where its headquarters are located, a source familiar with the matter told Reuters, as the lender moves to a new building.

The bank's corporate headquarters will continue to be in San Francisco and it has no plans to move out of the city, the bank said in an emailed statement to Reuters.

The lender has already started to engage in informal conversations with potential buyers and its office in the city's financial district could be put on the market as soon as this month, according to a report in the Wall Street Journal, which first reported on the news. Wells Fargo has hired the real-estate investment bank Eastdil Secured, which it sold in 2019 and still owns a minority stake in, as an adviser, the Journal said.

"As part of our multi-year effort to build a stronger, more efficient Wells Fargo, we continually assess our real estate portfolio," Wells Fargo said. Wells Fargo also said that it has done business in San Francisco since 1852, and "the city remains important to the bank".

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