SAN FRANCISCO (dpa-AFX) - Wells Fargo (WFC) has confirmed plans to relocate the headquarters of its wealth management division to West Palm Beach, Florida, making it the first major U.S. bank to base its wealth operations in the state.
The decision reflects a wider shift in financial and corporate activity away from traditional centers toward lower-tax, business-friendly regions. For Wells Fargo, the move is aimed at strengthening its focus on high- and ultra-high-net-worth clients by expanding its presence in a market that is growing rapidly.
Several senior leaders will relocate to West Palm Beach to bolster local leadership and deepen client relationships. Other members of the leadership team will continue to be based in New York, St. Louis and Charlotte, North Carolina.
The bank will lease about 50,000 square feet at One Flagler, a Class A office tower developed by Related Companies. Around 100 employees, most of them senior executives, are expected to move by the end of the year, with the new office slated to open in August.
Wells Fargo's wealth and investment management unit generated $16 billion in revenue last year, representing roughly 20 percent of the bank's total revenue, underscoring the division's strategic importance.
The relocation also fits with the broader vision of Related Companies chairman Stephen Ross, who has been vocal about transforming Palm Beach County into a major business and innovation hub. He has pointed to a steady pattern of companies expanding their footprint in the area after initially setting up operations there.
Local officials and business leaders say West Palm Beach is quickly moving beyond its image as a tourist destination and establishing itself as a serious corporate center. Factors such as regulatory clarity, quality of life and ease of attracting talent are cited as key drivers, with companies reporting strong employee willingness to relocate.
Data from the Business Development Board of Palm Beach County shows that more than 140 companies have moved to the area over the past five years, supporting over 13,000 jobs and more than $1.1 billion in capital investment.
Since the 2020 census, West Palm Beach has recorded the largest population gain in the county, adding momentum to its emergence as a growing business destination.
WFC currently trades at $86.67, down 1.94% on the NYSE.
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