Wells Fargo opens trading floor in Charlotte
Wells Fargo has unveiled its new 70,000 square-foot trading floor in Charlotte, North Carolina where 900 traders will wheel and deal for the bank's securities trading business.
Why Charlotte? It's not because the west coast bank is a fan of NASCAR, but the fact that Wells Fargo bought Wachovia during the mortgage meltdown of 2008 and Charlotte was the unofficial banking capital of the nation. Bank of America until recently had offices and traders in the Charlotte, as well.
Here are some numbers on the new Wells Fargo trading floor:
- Two stories - The new trading floor will occupy a pair of floors in the building
- 70,000 - The total square footage of work space.
- 1,200 - The number of traders and support staff on the new floors.
- 24+ - There will be more than two dozen hi-def TV screens
The traders inside Wells Fargo's new floor will be just as wired as their compatriots on Wall Street.
"On a day-by-day basis in terms of information flow, it's all electronic, and we're as wired as anyone else," says John Shrewsberry, president of the securities unit despite being based at Wells Fargo headquarters in San Francisco. "People don't run out of their buildings in downtown or midtown Manhattan and meet in the street to talk about markets."
-see this article