Va. leaders hail Wells Fargo’s plan to invest $87 million and create 1100+ more jobs in Roanoke

Gov. Glenn Youngkin announced Sept. 26 that Wells Fargo & Company (NYSE: WFC) will invest $87 million to modernize, and expand its customer support center in Roanoke County.

The investment will include creation of about 1,100 new jobs and enhancement of the working experience for 1,650+ current employees.

This project will represent both the largest commercial office investment and single project employment announcement in Roanoke County’s history. Also, Wells Fargo will become the largest employer in Roanoke County with this expansion, the governor’s news release added.

“Wells Fargo’s historic investment and new job creation has far-reaching benefits for Roanoke County, the region, and the Commonwealth,” said Governor Glenn Youngkin. “Virginia has established a strong foothold in the fast-growing financial services industry, and we have developed an innovative framework to focus on nurturing and expanding opportunities in this high-growth sector. Today’s announcement is proof that our efforts are yielding positive results, and I congratulate all involved on securing this major expansion.”

“Virginia has strong core industry sectors like financial services, and Wells Fargo’s expansion in Roanoke County is a tremendous win for the industry and the Commonwealth,” said Secretary of Commerce and Trade Caren Merrick. “Virginia continues to build strong ecosystems around these clusters accelerating economic growth, and we are committed to further enhancing Virginia’s competitiveness.”

“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 onsite. “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.”

“We’re thrilled with today’s announcement of Wells Fargo’s significant expansion,” said Roanoke County Board of Supervisors Chair Martha B. Hooker. “This investment brings economic growth and new employment opportunities that demonstrate Wells Fargo’s commitment to our shared future. We applaud Wells Fargo for their confidence in our community and look forward to the positive impact of this expansion.”

A Prince William County legislator had a hand is securing the Wells Fargo expansion for Virginia. State Senator George Barker, who represents part of the county’s Woodbridge area, is vice chair of Virginia’s Major Employment and Investment (MEI) Project Approval Commission. Sen. Barker was quoted in the news release as saying, “  I am pleased the MEI Commission could collaborate with our state, regional, and local partners to help secure this critical project. Wells Fargo’s expanded operation will strengthen Virginia’s position as a hub for financial services.”

According to the governor’s news release, Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets,  serves one in three U.S. households and more than 10 percent 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 & Investment Management.

Wells Fargo noted it is ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities it serves, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. 

The Virginia Economic Development Partnership (VEDP) worked with Roanoke County, the Roanoke Regional Partnership, and the General Assembly’s Major Employment and Investment (MEI) Project Approval Commission to secure the project for Virginia.

Wells Fargo will be eligible to receive an MEI custom performance grant of $15 million, subject to approval by the General Assembly. VEDP will support Wells Fargo’s job creation through either the Virginia Jobs Investment Program or the Virginia Talent Accelerator Program.