Wells Fargo Relocates Wealth Headquarters to West Palm Beach

Wells Fargo & Co. is relocating the headquarters of its wealth-management division to West Palm Beach, marking a significant move as the first major bank to establish its operations in the heart of South Florida’s wealth boom.

The San Francisco-based institution has signed a lease with Related Ross for 50,000 square feet (approximately 4,650 square meters) at the One Flagler office building. Barry Sommers, the head of the wealth division, noted that this unit generated $16 billion in revenue last year, accounting for about 20% of the bank’s total revenue.

In recent years, South Florida has attracted a plethora of billionaires and corporations, driven by favorable tax conditions and a thriving finance and tech landscape. Real estate mogul Stephen Ross, founder of Related Cos., is actively working to transform Palm Beach County into the next Silicon Valley, investing heavily in real estate, education, and healthcare.

By the end of the year, approximately 100 employees, primarily senior executives from the wealth division, will be relocated to the new office. This includes nearly half of the unit’s operating committee. Sommers, 57, and his wife recently moved their primary residence to Palm Beach County.

“When you think about some of our largest competitors, I think it is unique that we moved our wealth business down here,” Sommers expressed in an interview. “I couldn’t be more excited about the position we’re in and attracting really talented people to come to Wells Fargo.”

The new office is set to open in August, allowing the bank’s wealth executives to be closer to their most significant clients, according to Sommers.

Ross described Wells Fargo’s decision to relocate its wealth leadership as a “big step,” anticipating that more companies will follow suit and expand their presence in the area.

“What we’ve seen is companies that have already dipped their toes in the water—those that have been here for years—are expanding their offices,” Ross noted in an interview. “People are recognizing the growth and the direction in which the country is headed.”

Currently, Wells Fargo shares its block with JPMorgan Chase & Co. and Citizens Financial Group, both of which have recently expanded in South Florida, drawn by the wealth-management opportunities. Bank of America Corp. is also investing in Palm Beach County.

However, these firms have not emphasized their locations as significantly as Wells Fargo. Sommers indicated that this move is just the beginning of an expansion in the market, which will include hiring experienced professionals. The bank may consider renting additional space in the future and aims to attract financial advisers, private bankers, and independent broker-dealers.

Sommers began discussions with Wells Fargo Chief Executive Officer Charlie Scharf about the relocation plan over a year and a half ago. The bank’s senior leadership for the wealth division has been geographically dispersed, prompting the search for a new operational hub.

Read more: Ross Sees California Billionaire Tax as Palm Beach’s Gain

Both Sommers and his predecessor, Jon Weiss, were based in New York, where the bank’s leadership is concentrated. The brokerage is headquartered in St. Louis, a legacy of A.G. Edwards, which was acquired by Wachovia Securities just before Wells Fargo purchased Wachovia.

Sommers clarified that the move to Florida is not about downsizing elsewhere. Some senior members of the wealth division will continue to operate from existing hubs in New York, St. Louis, and Charlotte, North Carolina.

“Florida’s a good market where clients are relocating, but more importantly, it’s a very easy market to travel,” Sommers remarked, emphasizing his commitment to maintaining a demanding travel schedule to visit clients.

Photo: Michael Nagle/Bloomberg

Copyright 2026 Bloomberg.

Wells Fargo & Co. is relocating the headquarters of its wealth-management division to West Palm Beach, marking a significant move as the first major bank to establish its operations in the heart of South Florida’s wealth boom.

The San Francisco-based institution has signed a lease with Related Ross for 50,000 square feet (approximately 4,650 square meters) at the One Flagler office building. Barry Sommers, the head of the wealth division, noted that this unit generated $16 billion in revenue last year, accounting for about 20% of the bank’s total revenue.

In recent years, South Florida has attracted a plethora of billionaires and corporations, driven by favorable tax conditions and a thriving finance and tech landscape. Real estate mogul Stephen Ross, founder of Related Cos., is actively working to transform Palm Beach County into the next Silicon Valley, investing heavily in real estate, education, and healthcare.

By the end of the year, approximately 100 employees, primarily senior executives from the wealth division, will be relocated to the new office. This includes nearly half of the unit’s operating committee. Sommers, 57, and his wife recently moved their primary residence to Palm Beach County.

“When you think about some of our largest competitors, I think it is unique that we moved our wealth business down here,” Sommers expressed in an interview. “I couldn’t be more excited about the position we’re in and attracting really talented people to come to Wells Fargo.”

The new office is set to open in August, allowing the bank’s wealth executives to be closer to their most significant clients, according to Sommers.

Ross described Wells Fargo’s decision to relocate its wealth leadership as a “big step,” anticipating that more companies will follow suit and expand their presence in the area.

“What we’ve seen is companies that have already dipped their toes in the water—those that have been here for years—are expanding their offices,” Ross noted in an interview. “People are recognizing the growth and the direction in which the country is headed.”

Currently, Wells Fargo shares its block with JPMorgan Chase & Co. and Citizens Financial Group, both of which have recently expanded in South Florida, drawn by the wealth-management opportunities. Bank of America Corp. is also investing in Palm Beach County.

However, these firms have not emphasized their locations as significantly as Wells Fargo. Sommers indicated that this move is just the beginning of an expansion in the market, which will include hiring experienced professionals. The bank may consider renting additional space in the future and aims to attract financial advisers, private bankers, and independent broker-dealers.

Sommers began discussions with Wells Fargo Chief Executive Officer Charlie Scharf about the relocation plan over a year and a half ago. The bank’s senior leadership for the wealth division has been geographically dispersed, prompting the search for a new operational hub.

Read more: Ross Sees California Billionaire Tax as Palm Beach’s Gain

Both Sommers and his predecessor, Jon Weiss, were based in New York, where the bank’s leadership is concentrated. The brokerage is headquartered in St. Louis, a legacy of A.G. Edwards, which was acquired by Wachovia Securities just before Wells Fargo purchased Wachovia.

Sommers clarified that the move to Florida is not about downsizing elsewhere. Some senior members of the wealth division will continue to operate from existing hubs in New York, St. Louis, and Charlotte, North Carolina.

“Florida’s a good market where clients are relocating, but more importantly, it’s a very easy market to travel,” Sommers remarked, emphasizing his commitment to maintaining a demanding travel schedule to visit clients.

Photo: Michael Nagle/Bloomberg

Copyright 2026 Bloomberg.