As losses mount from its exposure to loans backed by office properties that have seen their values drop, Wells Fargo continues to cut expenses by reducing the bank's CRE footprint.
Wells Fargo has announced that it will abandon its iconic namesake tower in Raleigh, NC and relocate the workers to other locations across the region. The 29-story Wells Fargo Capitol Center dominates the skyline over Fayetteville Street.
Wells Fargo did not indicate how much space it currently is occupying in the 551K SF building but said vacating the 33-year-old tower would not involve any job reductions.
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