The bank has already taken some big losses on real estate it sold recently in San Francisco. Last September, Wells sold 550 California St. in San Francisco’s Financial District for $40.5 million, less than half of the $108 million the bank paid for the building in 2005.
https://www.bizjournals.com/charlotte/news/2024/02/28/wells-fargo-real-estate-cfo-mike-santomassimo-bank.html
Anyone remember Sears? They went through this phase while that company was wound down too. It'll end about the same.
It’s because that location is a fe--s hole.
There's a theory that RTO is actually designed to increase headcount on properties that the bank intends to sell. Vacant offices sell for less than full ones.
Buy high, sell low, it's the WF way! Efficiency!
https://www.bankingdive.com/news/wells-fargo-cfo-commercial-real-estate-movie-santomassimo/708717/
you can track this yourself..
Teamworks... Search..
You can see every location we have and if it is owned or leased.
and they will get tax benefits on the loss
Netting 40 mil is pretty pad, esp when they bought in 2005 dollars! Stupid bank, tricks are for Chase.