Wells Fargo is relocating the headquarters of its wealth management business to West Palm Beach, bringing more than 50 senior executives to South Florida.
The bank’s wealth management CEO, Barry Sommers, told Bloomberg this week that the division has agreed to lease 50,000 square feet of office space in One Flagler, a new 25-story office tower developed by Palm Beach real estate executive Stephen Ross. The office is expected to house about 100 Wells Fargo employees, including Sommers and a majority of the wealth division’s operating committee, Bloomberg reported.
Related Ross, the developer behind One Flagler, confirmed the move to The Palm Beach Post and said Wells Fargo is expected to begin its lease in August.
The bank currently leases space in Related Ross’ CityPlace Tower along Okeechobee Boulevard, where it houses some commercial banking operations, according to Related Ross Vice President Jordan Rathlev.
Wells Fargo said in a statement to The Palm Beach Post that “several senior leaders are relocating to the area,” which it described as strengthening local leadership presence and expanding engagement with clients in what it called a “high-opportunity market.”
