Wells Fargo Moves Wealth Headquarters to Florida as Financial Firms Flee Blue States

Wells Fargo is relocating the headquarters of its wealth management business to West Palm Beach, becoming the first major U.S. bank to base its wealth operations in Florida, the company confirmed Monday.

The San Francisco-based bank signed a lease for 50,000 square feet at the One Flagler office building, according to wealth chief Barry Sommers. About 100 employees, mostly senior executives including nearly half of the unit’s operating committee, will relocate to the new office by year-end, Bloomberg reported. The office is scheduled to open in August.
Wells Fargo’s wealth unit generated $16 billion in revenue last year, accounting for roughly 20 percent of the bank’s total revenue.
“Wells Fargo Wealth and Investment Management is advancing its strategic commitment to serving high and ultra-high-net-worth clients by increasing