Wells Fargo to Move Wealth Headquarters to West Palm Beach (1)

Wells Fargo & Co. is moving the headquarters for its wealth-management business to West Palm Beach, becoming the first big bank to run that operation from the heart of the wealth boom in South Florida.

The San Francisco-based firm signed a lease with Related Ross to rent 50,000 square feet (4,650 square meters) at the One Flagler office building, according to wealth chief Barry Sommers, whose unit generated $16 billion in revenue last year, or about a fifth of the total.

A Wells Fargo bank branch in New York

Photographer: Michael Nagle/Bloomberg

South Florida has drawn a multitude of billionaires and corporations in recent years, buoyed by tax advantages ...