Global banking giant Wells Fargo & Co., which has a minimal presence in central Ohio, is setting up a technology hub in the region that will create 585 jobs paying an average wage of $60.10 per hour.
The project received approval for state tax incentives at Monday’s Ohio Tax Credit Authority.
It was one of four projects to be approved at the meeting. The projects will create 781 jobs statewide.
The San Francisco-based bank will begin hiring immediately for jobs that include information technology positions and software developers.
The tax incentives have an estimated value of $30 million.
Wells hasn’t picked a site for the project yet other than saying it will be somewhere in central Ohio.
This will mark Wells’ first major investment in the region, which is a banking and insurance hub with the headquarters of Huntington Bancshares and Nationwide here along with a host of other financial services companies. JPMorgan Chase & Co.’s McCoy Center at Polaris houses 12,000 workers.
Wells is one of the nation’s four biggest banks along with JPMorgan, Bank of America and Citi.
The bank, which was founded in 1852 and known for its stagecoaches that carried gold in the 1800s, has no banking offices here.
Wells provides banking, insurance, investment, mortgage, and consumer and commercial finance services through more than 8,400 locations, 13,000 ATMs, and internet and mobile banking. It has offices in 42 countries and territories.
Beyond the 585 jobs it is promising to create, the project includes retaining 36 existing positions in the region.
The jobs have a payroll of $73.1 million, or nearly $125,000 per year.
At this point, economic development officials and Wells have little to say about the project.
“We are excited about the possibility and continue to evaluate numerous real estate options,” the company said, promising to release more details in the weeks ahead.
Beyond the state tax incentives, Wells likely will be getting additional financial incentives.
mawilliams@dispatch.com
@BizMarkWilliams
Wells Fargo Project
Wells Fargo received incentives to bring a technology hub to central Ohio. Here’s what it would include:
- New jobs: 585
- New payroll: $73.1 million
- Average salary: $124,957
- Tax incentives approved: $30 million
- Location: To be determined in central Ohio
Source: dispatch.com
