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Wells Fargo plans EMEA expansion

Wells Fargo has opened an office in Aberdeen, Scotland as it plans to expand its presence internationally. The bank, which has historically been almost exclusively focused on U.S. operations, first outlined its plans to extend corporate banking services to 20 other countries in early 2012. Since then, the bank has increased its headcount in the EMEA region by more than 50% – opting for the occasional strategic acquisitions to complement its organic growth strategy. The U.K. now accounts for almost 80% of Wells Fargo’s employee count in EMEA. The bank’s decision to grow in Europe in general, and in the U.K. in particular, is aimed at addressing the cross-border banking needs of large- and medium-sized U.S.-based companies, as well as those of European firms that have a notable presence in the U.S. With larger players like Bank of America and Citigroup cutting back on their ambitious global expansion plans, Wells Fargo looks keen to garner a larger share of the international market.

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