Wells Fargo Purchases New Building To Consolidate London Team

Wells Fargo & Company announced Monday that it will be consolidating its London team into a new building it has purchased at 33 Central, King William Street. Currently, Wells Fargo has 850 employees spread across four locations in the city. The move to the new building, which has 227,000 square feet, is expected to begin in 2018. The move comes after the UK vote to leave the European Union, which may cause US banks to lose their European "passport," which allows them to operate across the trading block without requiring separate regulatory oversight. Wells Fargo shares are nearly flat in premarket trading, but down 12.2% for the year so far. The S&P 500 is up 5.8% for the year-to-date.