Wells Fargo to sell longtime San Francisco Financial District headquarters
Wells Fargos corporate headquarters at 420 Montgomery St. in San Francisco’s Financial District on Tuesday, Dec. 3, 2024. The company plans to sell the building.
SAN FRANCISCO - Wells Fargo is planning to move out of its longtime San Francisco Financial District global headquarters, according to the banking giant.
The expected move will be a part of the company’s "multiyear effort to build a stronger, more efficient Wells Fargo," company spokesperson Edith Robles said in an emailed statement to KTVU, adding that it has no plans to leave San Francisco.
"We continually assess our real estate portfolio to ensure we are best meeting the needs of employees and customers, responding to consumer and economic trends, and managing our costs responsibly," the company said.
The financial services firm said that it will keep its headquarters in the city and relocate to what it called a "more modern building" in its efforts to offer both employees and customers an improved experience.
The current roughly 400,000 square foot corporate headquarters is located at 420 Montgomery Street, which also houses the company's museum, where tours are offered and artifacts related to Wells Fargo's history are on display.
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It's unclear when the move will be. Robles said she did not have any information on those details at this time.
But the Wall Street Journal, which first reported the impending sale, said that the Montgomery Street building could be put on the market as soon as this month.
The publication identified the new headquarters at a building less than half a mile away at 333 Market Street, where Wells Fargo recently renewed its lease.
"Its regulators will remain the same," the WSJ reported.
Robles confirmed the journal's report that the company's senior leadership is not based in San Francisco but mostly in New York or in Charlotte, North Carolina.
The banking company stressed its long history and commitment to the city, stressing its corporate headquarters is remaining in San Francisco.
"Wells Fargo has been serving San Francisco customers since 1852," Robles said, "and the city remains important to the bank."