Wells Fargo Planning to Sell San Francisco Headquarters

(Reuters) – Wells Fargo is set to sell its San Francisco headquarters, as reported by the Wall Street Journal on Tuesday. This move comes as the U.S. banking giant shifts its focus to the East Coast.

The lender has begun informal conversations with potential buyers, and the office in the city's financial district may be put on the market as soon as this month, according to sources familiar with the matter.

Wells Fargo (NYSE: WFC) has engaged the real-estate investment bank Eastdil Secured as an adviser, a company it sold in 2019 but still holds a minority stake in.

A spokesperson for the lender stated, "As part of our multi-year effort to build a stronger, more efficient Wells Fargo, we continually assess our real estate portfolio."

Wells Fargo noted that it has been operating in San Francisco since 1852 and emphasized that "the city remains important to the bank."