Another major financial giant is planting its flag in Florida.
The move makes Wells Fargo the first major U.S. bank to establish its wealth management operations in the Sunshine State.
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“West Palm Beach’s strong business climate and growing economic opportunities align well with our long-term growth priorities – both in the region and within our organization,” they continued. “Numerous members of WIM’s leadership team will remain based in New York, St. Louis and Charlotte, North Carolina.”
A Wells Fargo bank branch in New York, on Tuesday, October 21, 2025. (Getty Images)
Make a deal with Stephen Ross’ Related companies, the San Francisco-based banker will reportedly lease a 50,000-square-foot office space in 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 expected to open in August.
The 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 for a U-turn Palm Beach County in a “Silicon Valley of the East,” and recently said he expects more recognizable names to increase their presence.
“What we’ve seen are companies that have already stepped up, been here for years and expanded their offices,” Ross said in an interview with Bloomberg last week. “People see the growth and see where the country is going.”
“I think when you start a job or a business, security is always paramount. And the security 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 is really the epicenter of that,” Related Ross Executive Vice President Jordan Rathlev said previously.
West Palm Beach has seen tens of billions of dollars in business investment in recent years. | Getty Images
“We have a number of employees here who are happy to be here simply because of the lifestyle and connection that West Palm Beach offers,” said Visium CEO John Rajchert, who relocated the company from Orlando. “The willingness to move is very, very, very good. So what we’re finding is that we have a national talent pool that is willing to move here.”
Over the past five years, Palm Beach County has experienced the relocation of more than 140 companiescreating or retaining 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 growth in the county almost 9,600 new residents.
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“When we opened this office eight years ago, the four of us called West Palm Beach home. Today there are more than 160,” says Rathlev. “This is where people want to be and this is where you want to raise a family.”
“There’s no doubt that people are fully, fully aware of what’s happening here. And I think so [in the] It’s just the early days for what will be a huge growth story.”
