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Wells Fargo prepares for France expansion

Friday 17 January 2020 13:55 CET | News

US-based bank Wells Fargo has announced efforts to make Paris subsidiary Wells Fargo Securities Europe (WFSE) operationally compliant ahead of its official launch.

The US bank applied for a broker-dealer licence in late 2018 to make Paris one of its post-Brexit hubs along with Dublin and is currently hiring ahead of its official launch. WFSE has been operational since October 2019, but Brexit's delay means Wells continues to serve clients from London, with a phased approach to moving customers to Europe.

Wells employs around 1,500 staff in in Europe, the Middle East and Africa across five businesses – corporate and investment banking (CIB), commercial capital, commercial real estate, middle market banking and asset management.

Wells will be recruiting at a time when most other banks have already staffed up their post-Brexit hubs. Bank of America Securities has the biggest presence and HSBC has also beefed up. Over the last 18 months RBC Capital markets has doubled its space in Paris and Frankfurt as part of its post-Brexit build out, according to efinancialcareers.com


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Keywords: Wells Fargo, Bank, US bank, expansion, France, banking, corporate banking, Wells Fargo Securities Europe, Commercial Capital,
Categories: Banking & Fintech | Payments General
Countries: France
This article is part of category

Banking & Fintech