Wells Fargo (WFC) Kicks International Expansion Efforts into Gear
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Wells Fargo (NYSE: WFC) may be looking to broaden its international presence with expansion into 20 new markets over the next several years.
Currently, only about 2 percent of the bank's staff is based outside of the U.S. market and revs account for just a fraction of its $81 billion in annual turnover. While Wells Fargo received decent exposure to international markets following the $12.7 billion acquisition of Wachovia in 2008, the bank has done little to utilize the inherited network.
Locations where Wells Fargo could strengthen its presence include the UK, France, China, Germany, the Netherlands, Hong Kong, Australia, Japan, India, Singapore, and South Korea.
Starting off the expansion, Wells Fargo recently appointed vet James Johnson as regional president for its Europe, Middle East, and Africa (EMEA) operations. Following the appointment, the bank also begun financing new commercial projects in the region, which is a reversal of a freeze placed on Wachovia's U.K. property finance portfolio following the 2008 acquisition.
Currently, only about 2 percent of the bank's staff is based outside of the U.S. market and revs account for just a fraction of its $81 billion in annual turnover. While Wells Fargo received decent exposure to international markets following the $12.7 billion acquisition of Wachovia in 2008, the bank has done little to utilize the inherited network.
Locations where Wells Fargo could strengthen its presence include the UK, France, China, Germany, the Netherlands, Hong Kong, Australia, Japan, India, Singapore, and South Korea.
Starting off the expansion, Wells Fargo recently appointed vet James Johnson as regional president for its Europe, Middle East, and Africa (EMEA) operations. Following the appointment, the bank also begun financing new commercial projects in the region, which is a reversal of a freeze placed on Wachovia's U.K. property finance portfolio following the 2008 acquisition.
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