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Wells Fargo Advisors Invests $33 Million To Expand Downtown St. Louis, Missouri, Headquarters

Area Development News Desk

07/30/2012

Wells Fargo Advisors, a retail brokerage firm, will invest $33 million to renovate and expand its downtown St. Louis, Missouri headquarters by 180,000 square feet in a project that is estimated to create 400 jobs.

"Wells Fargo Advisors is one of the most respected and recognized brands in the financial service industry, and we are pleased that the company will to continue to grow in St. Louis and deepen its investment in Missouri," Gov. Jay Nixon said. "This expansion, and the 400 jobs the company plans to create, is excellent news for the state of Missouri. It is also another strong indication of the continued positive direction of our state's economy."

"The jobs we are bringing to St. Louis will enhance our company's capacity to serve clients nationally," said Danny Ludeman, president and CEO of Wells Fargo Advisors. "These new jobs also reinforce the position St. Louis holds as home to one of the largest concentrations of financial services talent outside of New York. We are grateful for the way our elected officials rallied behind this effort, and appreciate their serious commitment to growing this region. We expect these new jobs to contribute directly and indirectly to their efforts to strengthen our regional economy."

As an incentive to help Wells Fargo Advisors move ahead with its expansion plans, at 1 North Jefferson Avenue, the state authorized an economic incentive package worth $12.6 million, including $4.1 in Missouri BUILD and $7.9 million in Missouri Quality Jobs program tax credits, which the company can redeem after it has met job-creation requirements. The state has also authorized $540,000 in New Jobs Training incentives.

Wells Fargo Advisors' parent company, Wells Fargo, was initially founded as a bank in 1852. Through expansions and acquisitions, Wells Fargo has since grown into the nation's third-largest financial service company. The corporation's merger with Wachovia in 2009 resulted in the acquisition of the St. Louis campus, where it currently has 4,500 full-time employees.