Bloomberg: Wells Fargo Bets on Charlotte Trading After BofA Flees
By Dakin Campbell
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.
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.