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Wells Fargo Move

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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?

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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.

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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.  

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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.  

 

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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.

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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.

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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.

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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.

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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”:whistling:

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23 minutes ago, SydneyCarton said:

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

Why?

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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 by SydneyCarton

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

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