Wells Fargo spends millions in London despite Brexit

By Sumit Modi

California-based financial services company, Wells Fargo, is throwing caution to the wind and spending millions on a London HQ, despite the risks of Brexit.

Wells Fargo is the world's biggest bank by capitalisation, and is spending $396 million on an 11-storey building near London Bridge. This decision has been made just weeks after Britain voted to leave the European Union, leaving the nation's economic future uncertain.

The offices will be ready in 2018, and combine all of Wells Fargo's UK employees - who are currently spread across four buildings - in one location. While most of the company's business is undertaken in the US, there are always American clients looking to do business in Britain's capital.

Thanks to the UK's current limbo-like status, concerns over pouring money into its economy have been expressed globally, but Marian Herman, CFO of HB Reavis Group - the developer which sold the building to Wells Fargo - expressed confidence in a statement:

"Many have doubted what will happen to the real estate market after the Brexit vote. We see the successful signing of this deal as strong endorsement of the quality of our real estate solutions, as well as the resilience of the HB Reavis business even under seemingly challenging market conditions."

 

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