Wells Fargo is preparing for a Manhattan push

New York /
Jan.January 26, 2014 04:00 PM

 The lending and banking giant Wells Fargo is looking to make a new New York City push and is experimenting with new smaller retail branches designed for the city’s tight spaces.

“We’re committed to Manhattan and the region across all lines of business,” Joe Kirk, Wells Fargo’s regional president for New York and Connecticut, told Crain’s. “We’re going to be wherever our customers want us.” 

Currently, while Wells Fargo has nearly $1 trillion worth of customer deposits nationwide, less than $50 billion comes from the New York area, or a 3.6 percent market share, according to Crain’s. The bank also boasts just 22 Manhattan branches, far fewer than competitors like Chase and Bank of America.

But Fargo is also taking a different approach than its competitors, slowly adding small low rent spaces to its portfolio. For instance, a recently opened Wells Fargo branch in Chelsea measures just 2,600 square feet, or 40 percent smaller than a typical midtown bank, according to Crain’s. The bank also hopes to begin opening 1,000-square-foot branches in the city in the near future. [Crain’s]Christopher Cameron


Related Articles

arrow_forward_ios
TF Cornerstone president Fredrick Elghanayan and 595 Dean Street (TF Cornerstone, rendering via MOSO Studio)
TF Cornerstone scores $385M loan for Prospect Heights apartment towers
TF Cornerstone scores $385M loan for Prospect Heights apartment towers
Lenders are being stingy about granting home equity lines of credit. (iStock)
Home values are up, but just try getting a line of credit
Home values are up, but just try getting a line of credit
From left: Wells Fargo’s Charles Scharf, SL Green's Marc Holliday, Goldman Sachs’ David Solomon and One Vanderbilt (Getty)
Goldman Sachs, Wells Fargo leading $2.25B refi of One Vanderbilt
Goldman Sachs, Wells Fargo leading $2.25B refi of One Vanderbilt
Wells Fargo CEO Charles Scharf (Scharf by Win McNamee/Getty Images; Unsplash)
Borrowers sue Wells Fargo over forbearance policy
Borrowers sue Wells Fargo over forbearance policy
Some of the world’s biggest banks — including Wells Fargo and Deutsche Bank — have engaged in a systematic fraud that allowed them to award borrowers bigger loans than were supported by their true financials (Credit: Alex Gottschalk/DeFodi Images; MANJUNATH KIRAN/AFP via Getty Images)
Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
Solly Assa and Cassa Hotel and Residences (Credit: Billy Farrell/Patrick McMullan via Getty Images, Google Maps)
Troubled loan on Cassa Hotel residences in Times Square falls into delinquency
Troubled loan on Cassa Hotel residences in Times Square falls into delinquency
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)
Rockrose’s $350M haul tops March list of outer-borough loans
Rockrose’s $350M haul tops March list of outer-borough loans
10 East 53rd Street and SL Green's Marc Holliday (Credit: TPG Architecture, Sl Green)
SL Green snags $220M refi for Midtown East office tower
SL Green snags $220M refi for Midtown East office tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...