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Wells Fargo Bank's Colorado, Wyoming Chairman Making Retirement Plans

DENVER-He's not retiring until Jan. 2, 2002, but Wells Fargo Bank's David E. Bailey is making his plans. Amid the planning, Bailey voices concerns about the state's real estate economy.

By John Rebchook | Updated on January 29, 2001

DENVER-David E. Bailey, who plans to retire as chairman of Wells Fargo Bank in Colorado and Wyoming come Jan. 2, 2002, is leaving with some concerns about the local real estate economy.

Wells Fargo is the largest bank in Colorado, with more than $10 billion in deposits and a 20% market share. The 58-year-old Bailey is a 35-year-veteran of Wells Fargo and its predecessor banks.

Although he doesn’t see a return to the deep recession of the ’80s, Bailey predicts the area will overbuild. For example, Lucent Technologies, which recently has announced it may lay off 16,000 people, says it will only displace 200 in the Denver area. Bailey expects the final number to be much higher, possibly putting a big dent into the huge amount of office space that is controlled by Lucent. “I don’t think they’re passing out misinformation; I just think they don’t know,” Bailey says.

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