Case Studies Wells Fargo & Company
Banking on Virginia: Wells Fargo Expansion to Create 1,100 New Jobs in the Roanoke Region
Virginia’s Banking Boost
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S.
Wells Fargo provides a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through four reportable operating segments: consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations.
In 2023, the team at Wells Fargo realized exponential growth was on the horizon and began seeking the right location to enhance and expand its customer service experience. Wells Fargo first established its customer support operation in Roanoke County in 2008 and had firsthand knowledge of the region’s strong pool of talent that could support an expansion of this magnitude.
The Virginia Solution
Investing in a Productive Community
The Roanoke Region of Virginia is the largest metropolitan area in western Virginia. The workforce ranges beyond the boundaries of the region, comprising a total labor pool of more than 300,000 people. There are 25 colleges and universities and more than 100,000 undergraduate and graduate students within a 60-minute radius of the region, ensuring a stable long-term workforce pipeline. With a cost of living below the national average, a diverse arts and cultural community, and nationally recognized outdoor recreation, the Roanoke region easily attracts and retains talent. The Virginia Employment Commission estimates that employment will increase through 2028 in the region, which means an increase in skilled job seekers and businesses seeking workers.
A deep bench of talent ensures that businesses like Wells Fargo will find a ready workforce for growing Virginia operations. The company was already one of the largest private employers in Roanoke County, and was confident that its successful operation could become an even larger hub.
A Historic Win
After more than 15 years of success stemming from its skilled base of employees, Wells Fargo made the decision to reinvest in Roanoke County, announcing an $87 million investment to modernize and expand its customer support center. The expansion will allow room for the creation of approximately 1,100 new jobs and enhance the working experience for more than 1,650 current employees. This project represents both the largest commercial office investment and single project employment announcement in Roanoke County’s history, and Wells Fargo will become the largest employer in Roanoke County with this expansion.
“Wells Fargo is excited to announce this significant commitment to the Roanoke area as an important employment center for the company,” said John W. Delaney, head of Wells Fargo’s consumer operations, whose team has the largest presence at the Roanoke County facility. “We’re one of the largest private employers in the Roanoke region, and we are pleased to be able to make these investments in this space, including expanded amenities like food, health, and well-being options, as well as improved and expanded collaboration spaces, all supported through significant upgrades in technology throughout the building.”
Wells Fargo’s historic investment and new job creation has far-reaching benefits for Roanoke County, the region, and the Commonwealth and is a boost for Virginia’s fast-growing financial services industry.