Wells Fargo (WFC) Stock Up Amid New Retail Bank Head, New London Headquarters

Wells Fargo (WFC) stock is trading higher after announcing Mary Mack would become head of community banking, and that the company had purchased a new London headquarters.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of Wells Fargo (WFC) - Get Report are up 0.15% to $48.33 on Tuesday afternoon, as the bank announced former Wachovia (WB) executive Mary Mack would become head of community banking on July 31. 

The San Francisco-based company's community bank has 6,000 branches and 13,000 ATMs in 39 states and D.C. that generated $49.3 billion in revenue in 2015, or about 60% of Wells Fargo's total revenue. 

Additionally, the banking company will pay $397 million to purchase new European headquarters in London's financial district, Bloomberg reports. The company will move into the building in the fall of 2017. 

The real estate purchase is meant to increase Wells Fargo's presence in London, Bloomberg addsWhile 850 people currently work for the company in London, the new building is said to hold 2,600 employees. 

(Wells Fargo is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate WELLS FARGO & CO as a Buy with a ratings score of B. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: WFC

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