Wells Fargo Builds a Trading Floor in Charlotte

Wells Fargo is betting its securities business can thrive 600 miles from New York in Charlotte—the same city Bank of America’s traders have largely abandoned. The first of 900 Wells Fargo employees moved into new offices on two floors of a 48-story tower in Charlotte in December. The bank has room for about 1,200 traders and support staff in the 70,000-square-foot space, which features more than two dozen 70-inch, high-definition television screens and under-floor cooling with customizable vents.

John Shrewsberry, president of the unit, is counting on the appeal of a relaxed lifestyle, cheaper housing, and Wells Fargo’s status as a growing company to lure talented investment bankers and traders to Charlotte. “On a day-by-day basis in terms of information flow, it’s all electronic, and we’re as wired as anyone else,” says Shrewsberry, who’s based at Wells Fargo headquarters in San Francisco. “People don’t run out of their buildings in downtown or midtown Manhattan and meet in the street to talk about markets.”