How long until they move HQ from SF to NYC? It kind of seems like the writing on the wall, no? Is there some compelling reason why that won't be an eventuality?
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They are moving most jobs to Hyderabad but have to keep the headquarters in the US due to regulations.
Moving would change the team of regulators who initially put WF in the dog house to an east coast group.
Possible, but I doubt this regime will move in that direction. Shart doesn't do much that's logical when it comes to his own workplace. He wants to be in NY and he was perfectly willing to throw away a fortune in company money to make build his ivory tow...errr, hub. In the post-Shart era it becomes much more possible though.
2doi+1tfyzZke This is the correct answer. It's already being discussed. Will likely happen when we occupy Las Colinas in a couple of years.
I wouldn't be surprised if they move the HQ flag to the new campus in Westlake, TX in the DFW-footprint. Benefit to this: Texas has zero personal income taxes...just need to file for Federal.
@1xst+1tfyzZke You are correct except for one thing... The stagecoach museum. When that goes.....
WF belongs in NY about as much as a stagecoach on 5th Ave. A bunch of third-rate boot-licking sycophantic poseurs who will never be the players they aspire.
I just realized from this post, specifically, that HY meant Hudson Yards. Whenever I would see FHY or just HY before I thought they mean Hyderabad. So when you think of all the posts from the last 6 months or so, I thought Hyderabad was making the decisions about us. Not that Hudson Yard is any better, but still.
There must be some legal or tax advantage to keeping the mailing address of the headquarters in CA. Certainly not for nostalgia since everything else historic in this company has been banished. The holding corporation is incorporated in Delaware. The bank charters owned by WFC can be in any state and have nothing to do with a corporate headquarters. The C-suite is entirely in NYC which is probably what most observers would define a headquarters as. It used to be Minneapolis for Norwest and Charlotte for Wachovia, and San Francisco for the old Wells. They should just come out and say that this is the "new WF" with the HQ in NYC.
Chuckles sees himself in the "big league" with Wall st & NYC. That's where he & his ego want to be. If only.
I doubt the charter will move. Many banks are chartered in places like DE, SD, NV. Etc. They aren’t based there. CA is tied to the brand story. It’s currently in name only. It really doesn’t matter where the charter is based.
Once the cap is lifted they'll probably buy a small bank in NYC just to resolve the charter issue and make the HQ change official.
Not anytime soon. A lot of issues moving the charter out of CA. They'll move it to 333 Market soon though
It already is in all but name only, but Chuckles will probably hold off doing in until someone d-mb enough in NYC or State of NY government comes along to offer a generous tax credit.