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Wells Fargo Sells Historic San Francisco HQ, Shifts Power Base to East Coast

Dec 3, 2024, 10:30 PM

Wells Fargo & Co. has announced plans to sell its historic San Francisco headquarters at 420 Montgomery St., ending over a century and a half of ties to the city. The bank, which has been synonymous with the Old West, is shifting its power base to the East Coast, with more of its senior leadership moving to Charlotte and New York. Despite the sale, Wells Fargo has clarified that its corporate headquarters will remain in San Francisco, albeit in a nearby, more modern building. The decision to sell comes amid reports citing San Francisco's deteriorating business environment, including crime and corruption, although the bank has stated that the move is part of a broader real estate strategy.