The Real Deal New York

Wells Fargo is preparing for a Manhattan push

January 26, 2014 04:00PM

 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