Wells Fargo Move

[xx_.ajj]

Well, since my other topic had already been made, I thought that this was something interesting. I've spoke to many people who said that they think that this would be possible, but given that Wells Fargo's whole image is about moving west, then idk if it really could. What do ya'll think?

[TheOneRJ]

Moving what West? The HQ are already on the West Coast. 

[NYCLT]

OP is referring to the possibility of Wells HQ moving here

[Zeitgeist_4131]

I don't think it's likely.

Charlotte is Wells' largest employee hub, and some of the large power brokers are here (i.e., Mary Mack running the Consumer Bank as an example). The company tries to fill jobs in Charlotte, Minneapolis, and other regional hubs over San Francisco in cases where possible.  This makes sense because salaries can be lower outside of the Bay Area.

People outside of San Francisco have a lot of influence on the bank but I don't ever see the CEO based here.

[Hushpuppy321]

I concur.  Seriously doubt they'd move HQ to CLT from SF.  Like a 5% chance or less IMHO.

[KJHburg]

I still think with Wells Fargo major image problems and issues a huge announcement of a relocation of the HQ to Charlotte to shake things up would be good.  However I don't see it as likely.   The CEO lives in Los Angeles now anyway. But in terms of jobs I can tell  you Wells is moving jobs here quietly and as jobs become vacant especially in California the job is reposted here.   California work rules and super high cost of living continue to drive business out of the state.  McKesson just moved its HQ from San Fran to Dallas and it is a Fortune 10 company!     Wells quietly is building a bigger presence here in the QC don't worry.  

[xx_.ajj]

See the thing is with me, because California is going the way it is, Socialism, Liberalism, etc, I think that eventually the people in CA will revolt against large banks that have a presence their, such as Wells, US Bank, even BofA, and since they have such a strong presence here in Charlotte, being the East Coast Regional HQ, that they wil choose to relocate here. However, I think that might only have a 15% percent chance of even happening.

6 hours ago, KJHburg said:

I still think with Wells Fargo major image problems and issues a huge announcement of a relocation of the HQ to Charlotte to shake things up would be good.  However I don't see it as likely.   The CEO lives in Los Angeles now anyway. But in terms of jobs I can tell  you Wells is moving jobs here quietly and as jobs become vacant especially in California the job is reposted here.   California work rules and super high cost of living continue to drive business out of the state.  McKesson just moved its HQ from San Fran to Dallas and it is a Fortune 10 company!     Wells quietly is building a bigger presence here in the QC don't worry.  

 

[KJHburg]

Well CEO Tim Sloan is out lets get a new Wells CEO from Charlotte or the east and part of a restructuring announce CLT as the new HQ . 

https://www.bizjournals.com/charlotte/news/2019/03/28/wells-fargo-bank-wfc-ceo-tim-sloan-steps-down.html?iana=hpmvp_clt_news_headline

this way the new Charlotte based CEO can watch over his largest group of employees also right here in Charlotte.   Ride the stagecoach east!  

 

[atlrvr]

It was rumored in the media that they reached out to ex-Goldman Sachs CFO and he refused to relocate to Charlotte or San Francisco.  The fact that the board thinks the CEO could sit in Charlotte is a positive sign.

[King of the Queen City]

Could a rebrand come with a relocation?

[KJHburg]

" Go East young man, south east to a place where gold has been found as well a place called Charlotte"   FLEE California while you have the chance!

 

 

[KJHburg]

https://www.bizjournals.com/sanfrancisco/news/2019/03/28/wells-fargo-bank-wfc-ceo-tim-sloan-steps-down.html

To back up what was said above Wells is looking outside the bank for a  new CEO.  From the San Fran Business Times

 

[CLT704]

Not to ruin the fun of speculation and hope but I think a move to CLT would be a lot more likely if they chose a ex-Wachovia person, which they won't.

[King of the Queen City]

[atlrvr]

48 minutes ago, CLT704 said:

Not to ruin the fun of speculation and hope but I think a move to CLT would be a lot more likely if they chose a ex-Wachovia person, which they won't.

They're not picking ex-Wells either.  They are looking for a completely outside candidate, which means likely someone who is NY currently.

[Trickbot]

2 minutes ago, atlrvr said:

They're not picking ex-Wells either.  They are looking for a completely outside candidate, which means likely someone who is NY currently.

No it's me. They're picking me

[SydneyCarton]

3 minutes ago, atlrvr said:

They're not picking ex-Wells either.  They are looking for a completely outside candidate, which means likely someone who is NY currently.

Anyone in NY would want to stay there, so that’s not good news.

[KJHburg]

Easier to commute to HQ in Charlotte than to San Fran from greater NYC area.

[SydneyCarton]

But he might be like Moynihan and steer clear of the Queen.

Edited March 29, 2019 by SydneyCarton

[KJHburg]

California has attacked Wells over many issues and to shake off the many of the West coast scandals that have rocked the bank started out west.  Time for a change and Teterboro is quick flight from Charlotte and close to Florida too where many top execs have homes too.   Time for a change for Wells to shake things up.  

[SydneyCarton]

17 minutes ago, KJHburg said:

California has attacked Wells over many issues and to shake off the many of the West coast scandals that have rocked the bank started out west.  Time for a change and Teterboro is quick flight from Charlotte and close to Florida too where many top execs have homes too.   Time for a change for Wells to shake things up.  

I could see an investment bank like Goldman or MS taking Wells over.

[SpiritOf76]

On 12/9/2018 at 4:01 AM, NYCLT said:

OP is referring to the possibility of Wells HQ moving here

Sing it “Oh the Wells Fargo Wagon is a coming down the street Oh please let it be for C-L-Tee”

[atlrvr]

23 minutes ago, SydneyCarton said:

I could see an investment bank like Goldman or MS taking Wells over.

Why?

[SydneyCarton]

12 minutes ago, atlrvr said:

Why?

Because Goldman and other IBs have expressed an interest in retail, and Wells would provide a good platform .  Wells, in turn, is weak in IB.

Edited March 29, 2019 by SydneyCarton

[atlrvr]

Wells market cap = $223B which is more than 3x GS or MS which are both slightly under $75B.