Wells Fargo Now Is ‘Preferred Bank’ for Manhattan’s Hudson Yards Neighborhood

Company builds upon multi-faceted relationship to help transform Manhattan’s West Side
Jun 7, 2018 1:30 PM ET

Wells Fargo Now is ‘Preferred Bank’ for Manhattan’s Hudson Yards Neighborhood

NEW YORK, June 7, 2018 /3BL Media/ - Wells Fargo today announced it is a founding partner of New York’s newest neighborhood and largest private real estate development in U.S. history − Hudson Yards. As a founding partner, Wells Fargo will be the “preferred bank of Hudson Yards.” The company recently opened a bank branch and is expected to move the regional headquarters of its investment banking unit to Hudson Yards.

“Hudson Yards is bringing opportunity to the West Side of Manhattan, very much in the way Wells Fargo brought opportunity to the America West 166 years ago,” said Jamie Moldafsky, Wells Fargo’s chief marketing officer. “Wells Fargo shares the pioneering spirit of Hudson Yards, its commitment to revitalizing a community and building an urban community, which will stimulate significant economic development, neighborhood revitalization, job creation and will satisfy consumer needs through innovation. We are proud of our multi-faceted relationship with Hudson Yards and the opportunity to serve the financial needs of those who live and work in New York’s newest neighborhood.”

A Wells Fargo bank branch opened in the fall of 2017, and 10 ATMs will be located throughout the development to serve the Hudson Yards community. Wells Fargo already has 22 branches in Manhattan, and employs more than 3,500 team members in the city. In 2017, Wells Fargo made grants and investments totaling $8 million to support local schools and nonprofit organizations. Founded in 1852, Wells Fargo has deep roots in New York City, when the office was first opened on Wall Street and later on Broadway.

“We are thrilled to welcome Wells Fargo as the first founding partner at Hudson Yards,” said Stacey Feder, chief marketing officer, Hudson Yards. “Their commitment to New York and this neighborhood is clear and they have already been a great community collaborator partnering on local events and innovative future facing platforms to engage the people who live, work and visit Hudson Yards. Their new branch, soon-to-come ATM network and enhanced service offerings will provide great value to both Hudson Yards and Wells Fargo customers.”

Wells Fargo continues to extend its commitment to the New York community through community development lending and investment and has provided more than 100 community development loans and investments totaling $895 million and nearly 3,000 small business loans.

As previously announced, Wells Fargo is expected to move the New York headquarters of Wells Fargo Securities, its investment banking and capital markets business, to Manhattan’s vibrant West Side in 2020, having purchased approximately 500,000 square feet of office space at 30 Hudson Yards.

Wells Fargo served as one of several co-lead arrangers for a $1.5 billion senior construction loan for 50 Hudson Yards.

Hudson Yards is a new neighborhood on Manhattan’s West Side, comprising more than 18 million square feet of mixed-use development. The larger Hudson Yards and Chelsea neighborhoods have already benefitted from the collaboration with Wells Fargo. Just last month, Wells Fargo hosted ‘Art on the Plaza’ at 10 Hudson Yards where thousands of neighborhood employees, residents and visitors engaged with interactive art installations designed by Yoko Ono and Jon Burgerman with all proceeds from food sales being donated to the Hudson Guild − a multi-service community agency helping local residents achieve financial stability and empowerment. Wells Fargo also participated in WinterFest where more than 10,000 employees of 10 Hudson Yards and neighborhood visitors were introduced to Wells Fargo’s new innovation platforms that make digital banking easier.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

About Hudson Yards

Hudson Yards is an entirely new neighborhood on Manhattan’s West Side, the largest private development in the United States and comprises more than 18 million square feet of mixed-use development. Commercial tenants include: BlackRock; Boies, Schiller Flexner; L’Oréal USA; MarketAxess; Point 72; Tapestry (Coach, Kate Spade and Stuart Weitzman), Time Warner (CNN, HBO, Warner Bros.); and The Boston Consulting Group, among others. The site itself will include over 100 shops and restaurants, including New York City’s first Neiman Marcus and signature restaurants by Chefs Thomas Keller, José Andrés, Costas Spiliadis and D&D London; approximately 4,000 residences; 14-acres of public open space; a new 750-seat public school and an Equinox® branded luxury hotel with more than 200 rooms – all offering unparalleled amenities for residents, employees and guests. For more information about Hudson Yards, please visit www.HudsonYardsNewYork.com.


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