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Wells Fargo is larger in CLT than Wachovia ever was. So we’ll see what happens.
While it would undoubtedly be cheaper to have the main Wells Fargo HQ in Charlotte than San Francisco, I just think Wells Fargo is so ingrained in the history of California, it would be hard for them to move. Although Boeing did move to Chicago, so I guess there's always a chance and never say never!
While it would undoubtedly be cheaper to have the main Wells Fargo HQ in Charlotte than San Francisco, I just think Wells Fargo is so ingrained in the history of California, it would be hard for them to move. Although Boeing did move to Chicago, so I guess there's always a chance and never say never!
Agreed. Completely.
(The specific comment you replied to though was in regards to the assumed negative effects to Winston.)
I worked for Barclays Bank's Charlotte operations in the early 90's before an accident forced me to retire, so I'm familiar with the banking industry in Charlotte. I agree with you on all points. Though you really feel for the Winston Salem community, these banks have to stay competitive in terms of recruiting talent and turing a profit in terms of operating costs. This is why so many banks have major national and world branches in Charlotte. Charlotte offers both.
We are headquartered in MN and that's exactly why we have a presence in Charlotte.
It always sucks for the cities the companies leave when they relocate, but it's a part of business and what makes the world go round.
Wow great news for the Charlotte banking community. I wonder if they will anchor a new tower in Uptown? BB&T Center in Uptown doesn't really look like the HQ of the nation's 6th largest bank and SunTrust's space in SouthPark is too small.
This is two Fortune 500 HQ's moving to Charlotte in a matter on months. We may have not won Amazon, but we are leaning into our strengths and that will help our economy going forward.
While it would undoubtedly be cheaper to have the main Wells Fargo HQ in Charlotte than San Francisco, I just think Wells Fargo is so ingrained in the history of California, it would be hard for them to move. Although Boeing did move to Chicago, so I guess there's always a chance and never say never!
. Wells Fargo of California doesn't exist anymore. It's Norwest Bank of Minnesota. They bought out the failing Wells Fargo years ago then adopted the name. It was similar when First Union took over Wachovia then adopted it's name. And of course Bank of America, is really NCNB.
That bank is controlled out of Minneapolis, but they maintain a "HQ" in SF for the presence. They could move it anywhere.
. Wells Fargo of California doesn't exist anymore. It's Norwest Bank of Minnesota. They bought out the failing Wells Fargo years ago then adopted the name. It was similar when First Union took over Wachovia then adopted it's name. And of course Bank of America, is really NCNB.
That bank is controlled out of Minneapolis, but they maintain a "HQ" in SF for the presence. They could move it anywhere.
I would hardly consider a bank ranked higher than Norwest as "failing".
"Prior to the merger announcement, Wells Fargo ranked 10th and Norwest ranked 11th in the country in the banking industry."
Wells was vulnerable in the wake of the hostile, and botched, First interstate merger and the time was ripe for bank mergers nation wide.
After the merger Wells held 52 percent control while Norwest held 48%.
The headquarters is SF (16,000 employees, legacy Wells) to this day. Wells does hold a large presence in Mn (20,000 employees, legacy Norwest) and NC.(33,000 employees, legacy Wachovia)
I agree, they could move HQ anywhere, but as cjseliga stated earlier, not impossible, but doubtful.
I’ve been waiting for BB&T for a long time. The fact that it’s packaged with SunTrust is like a cake on top of the cherry.
This is the way the game works. All the hee hawing we do when companies move from Connecticut and such to ATL, Raleigh and other cities... this isn’t any different.
This will be the nations 6th largest bank. It’s a big deal for CLT.
I would have put my bet on Chase landing either one of those two in order to expand its footprint. They've made big news recently about wanting to expand into markets where they don't have a retail presence.
It’s going to be hard to leave ATL, but I welcome the challenge of uprooting my family yet again.
Thanks again.
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