Could real estate search lead to HQ move for Wells Fargo?

CHARLOTTE, N.C. — Wells Fargo & Co. is reported to be on the hunt for a large new office in North Texas. Dubbed “Project Falcon,” the search is giving a lift to persistent speculation that the bank’s headquarters could one day move out of San Francisco.

Wells is looking at several sites in the Irving-Las Colinas area of Dallas-Fort Worth, according to the Dallas Business Journal, which notes the Irving City Council is meeting Thursday to discuss economic development negotiations regarding Project Falcon. Wells is said to have been looking at Dallas real estate for at least two years as it seeks a build-to-suit site for a few hundred thousand square feet of offices expected to house thousands of employees, the paper reported.

Speculation that the bank’s headquarters could be on the move has been fueled in recent years by Wells Fargo CEO Charlie Scharf and much of the C-suite being based in New York, while its largest concentration of employees is in Charlotte.

When asked about the Dallas regional office, the bank told the San Francisco Business Times: “We have no plans to move our headquarters.”

But while Wells remains mostly tight-lipped, site selection consultants have plenty to say when it comes to prospects of Wells Fargo’s headquarters moving out of California.

“It would almost be an insult to the business acumen of senior Wells Fargo executives if they haven’t been contemplating this move for quite some time now,” site selection consultant John Boyd said. “It shouldn’t be a surprise to anyone.”

Read more here about what else Boyd and others had to say on the question of a headquarters move for the bank.

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