It’s well known that Charlie hates the legacy markets in the Midwest, and St. Louis is a legacy of a legacy (AG Edwards was purchased by Wachovia right before Wells bought Wachovia).
The senior WFA execs have moved to NYC and you know Charlie and Co fu----g HATE having their wealth group located in a decrepit, declining old city like St Louis.
Will WFA still be there in 3 years?
Leaving completely? Doubtful. But minimizing footprint? That’s already happening. A,b& C buildings are sold. D bldg is for sale & they want all staff moved out by year end into just E & F. I can definitely see them quietly shifting to Texas. That’s the financial/economic hotspot now.
People really aren't grasping the big picture. Charlie is going to get rid of ALL domestic hubs. It's just a matter of which ones are shut down first. AI and India will do all the work, save a very very small group in the US and, of course, the A-holes in Hudson Yards will be in NYC. Everything else goes. Just a matter of when.
Why are you asking about a different company? Allspring is not Wells Fargo.
I’m sure they would like us out of StL faster than the A building came down. I’ll take the under.
What happened to Allspring?
Phoenix
Of course he will leave that market like they closed up Atlanta. Who leaves a huge regional tech savvy city like Atlanta? Charlie is so d-mb.
@zva WFA won’t be sold. It is more valuable to the shareholders as a spinoff. WFC would be the biggest shareholder. Look at Ameriprise and American Express. They could then set up a third party marketing program and still have WFA as the clearing firm.
Would Chuck really sell WFA? Wells needs a wealth arm to be a real fully integrated bank.
Very few at WFA would leave St. Louis due to the mistrust Charlie has sowed. Additionally, he would have to pay severance to those who choose not to move. Unless he wants to start from the beginning with new inexperienced employees, it would be better to sell us.
Nope, never. Too many people, resources, talent. Plus, it's cheap.
Nah, he loves the low-cost low-skill flyover mo--ns who will vote away their own labor protections in the Midwest. Red states will always be attractive: they're America's India.
3 years yes. 5-10 I could easily see them moving things to the new Texas location outside Dallas or Charlotte.