Wells Fargo is preparing for a Manhattan push

TRD 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

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Banks see uptick in mortgages, but remain wary ahead of potential Fed interest rate cut

Edward Minskoff and his 1166 Avenue of the Americas (Credit: Getty Images and Wikipedia)

Wells Fargo lends $245M for Minskoff tower

Paul Massey and Joseph Tufariello (inset)

B6 Real Estate Advisors signs on Wells Fargo exec to head up debt division

Mini refinancing boom is a boost for lenders

Guggenheim and Singapore fund make move to buy Eastdil: report

Westchester & Fairfield Cheat Sheet: Greenwich lakefront home sale sets a 2019 ‘record,’ Sleepy Hollow portfolio sells for $10.7M… & more

Gotham lands $184M to refi two Manhattan rental buildings