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Wells Fargo Move

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21 minutes ago, atlrvr said:

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

Ok.

Anyway, let’s hope for the best.  Getting the HQ would be great.

Edited by SydneyCarton

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3 minutes ago, RiverwoodCLT said:

From what I have read,   State of California has cut all business with Well Fargo.

Y’all come on over!

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With the new HQ move from BB&T and SunTrust, it is logical for Wells to move complete operations to increase their market share as well as dominance in the region. 

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2 hours ago, csweet said:

With the new HQ move from BB&T and SunTrust, it is logical for Wells to move complete operations to increase their market share as well as dominance in the region. 

Market share of deposits? You don't need to have your HQ somewhere to be #1 in deposits. 

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He was an exec DeMolina who I think was with BofA then went to Ally right after they took govt. bailout money and changed the company name from GMAC to Ally.

I was thinking about this so more Charlotte has several other bank execs the new Wells Fargo could meet here in Charlotte including the CEO of Ally, the new 6th largest bank BBTSunTrust will be be here and several top execs with BofA are based here and live here too.   Maybe CEO Brian Moyihan doesnt spend much time here but he has made No move to move HQ out of Charlotte. 

I hope the CEO will be based here and Wells officially moves the HQ from California.  their non customer facing employment in California has been dropping for years as it is so expensive a place to do business and the regulatory environment  are even worse in California.    Here is one.  https://calaborlaw.com/california-meal-break-law-for-employees/  and yes you can sue for employer if they mess up! 

 

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2 hours ago, DMann said:

Anyone remember Al DeMolina or David (can't remember his last name) from First Union?

David Carroll. He retired from Wells Fargo last year (or in 2017...don't remember for sure). He wouldn't be considered because he's not external.

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This Bloomberg article from today makes it clear that Wells isn't even close to finding a new CEO at this point.

"No formal talks with possible successors have begun and a recruiting firm had yet to be selected as of late Tuesday, a person familiar with the matter said. The San Francisco-based bank declined to comment on the process. One tally of supposed candidates lists more than two dozen men and women."

Edited by queensguy06
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As far as the naming of Duke Energy Center...how does the naming for that building work?  Is Duke paying rights since Wells owns the building? (I thought that since the 08 crash Duke took space and naming rights...could be wrong) Since Duke is building a new tower and Wells is taking more space; will this affect the naming?

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Also that article states Wells is vacating more of the upper floors of One Wells Fargo as the floorplates are smaller and the floorplates are huge over at 300 South Brevard 40,000 sq ft a floor. However higher floors are also more popular in this city for law firms and others so they should release fairly quick.

3 minutes ago, Popsickle said:

As far as the naming of Duke Energy Center...how does the naming for that building work?  Is Duke paying rights since Wells owns the building? (I thought that since the 08 crash Duke took space and naming rights...could be wrong) Since Duke is building a new tower and Wells is taking more space; will this affect the naming?

Nope many of the formerly owned Bank of America building like Hearst and 5/3 (they sold them as of late ) Bof A was and still is the largest tenants.  There are only so many buildings a bank wants to have their name on.  So I guess we will have a Duke Energy Center and Duke Metro Tower or something for the new building.    Let the uptown shuffle begin and it will result in new buildings for others.  Wells having just bought Wachovia and that building was glad to have Duke come in and give them naming rights but now the dream of the old Wachovia comes around and Wells will occupy 2/3 of the tower with the new space they are taking there.   Regions was first in at 615 South College got naming rights but WeWork is the biggest tenant in that building.  

Edited by KJHburg
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Wells Fargo to sell retirement division to Principal of Des  Moines however it sounds like they will keep chunk if not all of the 800 workers in that division currently here in Charlotte.  However I would expect them to move out of their Wells offices uptown and at the CIC on Harris Blvd to their own space.

https://www.bizjournals.com/charlotte/news/2019/04/09/wells-fargo-sells-retirement-trust-business-in-1.html

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from the Business Journal this morning

""In other news, Reuters cites unnamed sources in what the news service is calling an exclusive report on Wells Fargo & Co.'s (NYSE: WFC) hiring of Spencer Stuart to lead the search for its next CEO. The bank aspires to be the first of its peers to have a woman at the helm, according to the report — and, as previously noted, it is seeking an outsider to fill its top job. That's after years of being mired in scandal following the 2016 revelation that millions of fraudulent accounts had been created by Wells Fargo workers in attempts to meet sales quotas. The CEO search began following the abrupt exit of Tim Sloan from that post about a month ago.""

https://www.bizjournals.com/charlotte/news/2019/04/29/cbj-morning-buzz-well-known-charlotte-retail-shop.html

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story from the San Fran Chronicle about how Wells is shrinking (along with the other big banks) in Bay area.  16,000 employed in the Bay area vs 26,000 in Charlotte. Wells has 2 M sq ft in San Fran and has that much square footage is just the CIC on Harris Blvd which is 2 million sq ft not counting Wells massive uptown leases and Ballantyne lease.

To me this is even more reason why the new CEO needs to sit here in Charlotte to be closer to more employees and still convenient to NYC and San Fran.

https://www.sfchronicle.com/business/article/Wall-Street-West-no-more-SF-s-banks-14275047.php

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