Wall Street's view on office space; Wells Fargo, Citi WeWork moves - Business Insider

A spokesperson for Wells Fargo declined to comment. A spokesperson for WeWork also declined to comment.

For Wells Fargo, reducing expenses was a key objective for Chief Executive Charlie Scharf even before the pandemic hit. On the earnings call with analysts on July 14,He said he expected the bank to start taking action in the second half of 2020, and that could mean consolidating branches, field offices, and corporate sites.

The $1.1 trillion manager TIAA moved into four of WeWork's five floors at 575 Lexington Avenue in Manhattan as temporary space while its nearby headquarters undergoes renovations. TIAA didn't renew its WeWork lease and moved out as originally planned in June. Employees will work remotely until renovations wrap up.

WeWork Chairman Marcelo Claure told the Financial Times that the office company was on track to be cash-flow positive in 2021, thanks to aggressive cost cutting and strong in-demand from companies seeking flexible-office arrangements because of the pandemic.

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