Wells Fargo Signals More Real Estate Cuts Amid Restructuring

Wells Fargo is continuing its corporate transformation through office property sales, workforce reductions and a strategic shift away from home lending, according to a recent CoStar report.

Since CEO Charlie Scharf took the helm in 2019, the bank has cut roughly 70,000 employees and reduced its real estate footprint. Among the most notable moves, Wells Fargo exited its historic headquarters at 420 Montgomery St. in San Francisco's Financial District. The 409,000-square-foot property had received $90 million in renovations over the past decade before the company put it on the market and relocated operations nearby to 333 Market St. in 2024.

The downsizing trend extends to other San Francisco holdings. In 2023, Wells Fargo sold a two-building office property on California St. for more than $40 million — well below the $108 million it paid for the asset in 2005. The bank has also sought subtenants for 130,200 square feet at 45 Fremont St. and nearly 70,000 square feet of Oakland office space. In November 2025, it sold a 24-acre Fremont campus, previously a bank processing center, with plans for a 336-unit multifamily development on the site.

While still headquartered in San Francisco, key operations and senior executives, including Scharf, have increasingly shifted to Charlotte, North Carolina, and New York City. CoStar data shows the bank occupies roughly 46 million square feet of office space across North America, including major hubs in Minneapolis, San Antonio and St. Louis. Last year, Wells Fargo opened a $570 million campus in North Texas, reinforcing the region's role as a national financial hub alongside firms such as Comerica and Charles Schwab.

Although the bank has not detailed upcoming layoffs or property sales, public records show reductions in Sacramento, Raleigh and West Des Moines, Iowa. Wells Fargo has also sharply reduced its home lending exposure, citing stronger growth opportunities in credit cards, wealth management and other business lines.

Speaking at the UBS Financial Services Conference in Key Biscayne, Florida, recently, CFO Mike Santomassimo said there is more to do to make the company as efficient as it should be, including divesting real estate.

"I always tell people, we've got a couple of buildings for sale in different cities. So if you're interested, call," Santomassimo said.