Financial services firm Wells Fargo Advisors is investing $33 million to expand its operations in the St. Louis area. Missouri Governor Jay Nixon and St. Louis Mayor Francis Slay joined the company’s president and CEO Danny Ludeman Friday for the announcement at the company’s downtown headquarters.
Ludeman says the plan will create 400 local jobs.
“So, it reinforces – I think this is probably the biggest point – our city’s position as one of the largest concentrations of financial services companies anywhere in the United States," Ludeman said. "Maybe we’ll add New York to that – but next to New York."
The company will receive a $12.6 million tax incentive package from the state to create the jobs over a three-year period.
The corporation became the nation’s third-largest retail brokerage firm after merging with Wachovia in 2009.