CHICAGO - September 17, 2013
Today Mayor Emanuel and Wells Fargo & Company (NYSE: WFC) Chairman and CEO John Stumpf announced the opening of the company’s new regional headquarters at the CME Center in the West Loop, affirming Wells Fargo’s long-term commitment to Chicago, and providing room for growth.
Wells Fargo has grown its business and resources substantially in Chicago over the last decade: total team members have increased five-fold, from 134 positions in 2001 to more than 800 presently, and growing. Now assembled at the regional hub are 40 Wells Fargo business lines collected from four locations around the city into one central hub where employees can more easily collaborate, learn new skills, and meet with customers. Wells Fargo expects to continue adding positions as growth continues.
“Wells Fargo is another great example of a global firm recognizing Chicago’s importance as a global city, and committing to be a part of the city’s future,” said Mayor Rahm Emanuel. “Wells Fargo has benefited from the world-class talent and quality of Chicago’s employees for years and sees Chicago’s growing strategic importance in the world economy. This move is the result of the creation of additional jobs for the residents of Chicago, and will build the strength of our city's collaborative, highly-trained workforce."
“Wells Fargo and Chicago share rich and storied histories,” said John Stumpf, Wells Fargo chairman and CEO, who attended an opening ceremony at CME Center and addressed an annual meeting of more than 500 company leaders in Chicago earlier this week. “We see opportunities to serve a broad range of commercial, corporate, and individual customers in Chicago – relationships that will propel Wells Fargo’s growth into the next decade.”
The new Wells Fargo regional headquarters on the Chicago River’s west bank is home to a wide range of business lines, including Commercial Banking, Corporate Banking, Equipment Finance, Global Banking, Insurance, Private Banking, Trade Services, Wells Fargo Securities, and others. In total, the company now leases 14 percent more office space in Chicago than it did before the move. Wells Fargo has committed its presence at CME Center through 2028, with an option for 10 more years.
Wells Fargo has steadily increased its presence in Chicago during a challenging economy. For example:
- Wells Fargo’s Private Banking team, which serves the investment needs of individuals and families, began work in Chicago just six years ago and now totals 100 team members.
- The company’s Insurance Brokerage team in Chicago has grown from 15 to 40 in the last two years.
- Wells Fargo’s Commercial Banking business in Chicago now ranks among the company’s largest nationwide.
In September and October alone, Wells Fargo will bring about 1,250 team members, customers, and prospects to Chicago for 17 events at its new West Loop hub, where the 14th floor is devoted to a Corporate Learning & Event Center. Unique among Wells Fargo corporate properties nationwide, the space accommodates up to 200 attendees and will regularly host local, regional, and national events for team members, customers, and community partners.
“Wells Fargo has continued to increase jobs and grow our businesses in Chicago even during the recession,” said Lisa N. Johnson, head of the Wells Fargo Commercial Banking Midwest Division, whose team is based at the company’s new Chicago hub. “Our company and our team members – Chicagoans who live and work here – are deeply embedded in this exciting city and will continue to invest their resources here.”
Among the wide range of Chicago-area and Illinois companies working with Wells Fargo to continue their growth at a local and global level are Freedman Seating Company, Growmark, Lapham-Hickey Steel Corporation, Paylocity, and Stoller Wholesale.
Wells Fargo, too, has a long-standing tradition of community service and involvement in Chicago. In 2012, Wells Fargo contributed $1.7 million to Chicago charities and nonprofit organizations, including The Field Museum, Garfield Park Conservatory, Clean Trust Group, and Resurrection Housing. Earlier this year, United Way of Metropolitan Chicago recognized Wells Fargo with its leadership award – a measure of the significant participation by the company’s team members.
The City of Chicago is focused on attracting corporate headquarters as part of the Plan for Economic Growth and Jobs, produced by World Business Chicago during the first year of Mayor Emanuel’s administration. Today’s announcement marks the 20th headquarters to come to the City during Mayor Emanuel’s administration.
The History of Wells Fargo in Chicago(*PDF)
Wells Fargo in Chicago/Open for business in Chicago(*PDF)
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About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
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Well Fargo & Company