Bloomberg: Wells Fargo Bets on Charlotte Trading After BofA Flees

Bloomberg: Wells Fargo Bets on Charlotte Trading After BofA Flees

January 24 2013

By Dakin Campbell

Excerpt:Wells Fargo Bets on Charlotte Trading After BofA Flees

Wells Fargo & Co. (WFC) is betting its securities business can thrive 600 miles from New York in the same city Bank of America Corp. (BAC)’s traders largely abandoned.

Kobe Steak
Dining also is less expensive. At 5Church, a restaurant frequented by bankers whose head chef spent time at New York’s Le Cirque and Daniel Boulud’s Cafe Boulud, an American Kobe Flatiron Steak goes for $40. At New York’s Smith & Wolensky steakhouse, a sirloin cut costs $54.

That translates into lower compensation, typically the No. 1 expense for securities firms, said Joseph Sorrentino, a managing director at Steven Hall & Partners, a New York-based compensation-consulting firm. Wells Fargo also saves by moving staff from leased-space into a building it owns, and on lower real estate taxes, consultants said.

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