Another major financial giant is planting its flag in Florida.
Wells Fargo confirmed to Fox News Digital that it is moving its wealth management headquarters to West Palm Beach, underscoring a growing exodus of money and corporate influence from traditional financial hubs to low-tax, business-friendly states.
The relocation makes Wells Fargo the first major U.S. bank to base its wealth-management operations in the Sunshine State.
“Wells Fargo Wealth and Investment Management (WIM) is advancing its strategic commitment to serving high and ultra‑high‑net‑worth clients by increasing its presence in West Palm Beach,” a spokesperson told Fox News Digital. “Several senior leaders are relocating to the area, strengthening our local leadership presence, and deepening engagement with clients in this high-opportunity market.”
BILLIONAIRES FLEE CALIFORNIA ‘WITHIN SEVEN DAYS’ OVER PROPOSED WEALTH TAX: INSIDE THE MIAMI MIGRATION
“West Palm Beach’s strong business climate and expanding economic opportunities align well with our long‑term growth priorities—both in the region and across our organization,” they continued. “Numerous members of WIM’s leader team will continue to be based in New York, St. Louis and Charlotte, North Carolina.”
Striking a deal with Stephen Ross’ Related Companies, the San Francisco-based banker will reportedly lease a 50,000-square-foot office space at the Class-A, One Flagler building.
Barry Sommers, CEO of Wealth & Investment Management at Wells Fargo, told Bloomberg that about 100 employees — mostly senior executives — will move to the new headquarters by the end of the year, with the office on track to open in August.
Wells Fargo Wealth and Investment Management unit generated $16 billion in revenue last year and accounts for about 20% of the bank’s total revenue.
CEO, chairman and real estate billionaire Stephen Ross is openly pushing to turn Palm Beach County into a “Silicon Valley of the East,” and recently said he expects more recognizable names to expand their presence.
“What we’ve seen is companies that have already dipped the toe, have been here for years, have expanded their offices,” Ross said in an interview with Bloomberg last week. “People are seeing the growth and where the country is headed.”
Related Companies did not immediately respond to Fox News Digital’s request for comment.
The move comes just over a month after local leaders told Fox News Digital that West Palm Beach is shedding its tourist-driven image and becoming America’s next business boomtown.
“I think if you were starting a job or starting a business, having certainty is always top of mind. And the certainty to do business, to get things done, there’s no better place to do that than South Florida. And we believe West Palm Beach and Palm Beach County are really at the epicenter of that,” Related Ross Executive Vice President Jordan Rathlev previously said.
“We’ve got a bunch of employees here who are delighted to be here simply because of the lifestyle and the connectedness that West Palm Beach provides,” said Visium CEO John Rajchert, who moved the company from Orlando. “Willingness to move is very, very, very good. So what we’re finding is that we have a national talent pool that’s prepared to move here.”
Over the last five years, Palm Beach County has seen the relocation of more than 140 companies, the creation or retention of more than 13,110 direct jobs and more than $1.12 billion in capital investments, according to the Business Development Board of Palm Beach County. Since the 2020 U.S. Census, West Palm Beach has seen the largest population gain in the county at nearly 9,600 new residents.
“When we opened this office eight years ago, four of us called West Palm Beach home. There’s over 160 today,” Rathlev said. “This is where people want to be and this is where you want to raise a family.”
“There’s no question that people are fully, fully aware of what’s happening here. And I think we’re [in the] very early days for what’s gonna be a tremendous growth story to come.”
READ MORE FROM FOX BUSINESS
Read the full article here
