Wells Fargo (WFC) is relocating its wealth management headquarters to West Palm Beach, continuing a broader shift of financial firms to South Florida, according to a media report on Tuesday.
Bloomberg reported that the San Francisco-based company signed a lease with Related Ross to rent 50K square feet at the One Flagler office building, citing Wells Fargo wealth head Barry Sommers.
By the end of the year, some 100 people will be moved to the investment bank’s new HQ, mostly comprising senior executives in the wealth business, Bloomberg reported. The office is set to open in August.
Wells Fargo (WFC) is joining a growing number of banks, such as JPMorgan Chase (JPM) and Citizens Financial Group (CFG) in recent years expanding in South Florida for its tax advantages and strong tech and finance backdrop.
More space might be rented out over time, Sommers said, Bloomberg reported, as the banks wants to attract financial advisers, as well as private bankers and independent broker-dealers.
Wells Fargo (WFC) didn’t immediately respond to Seeking Alpha’s request for comment.