The world's biggest bank backs post-Brexit London with €358m investment

Wells Fargo isn't too worried about the UK's decision to go...

Wells Fargo, the biggest bank in the world by capitalisation, has given the city of London a vote of confidence by committing to the building of a new £300m ($396m) HQ.

The US lender will build 33 Central, an 11-storey development near London Bridge at a time when many institutions are stalling on investments in the UK as the fallout of the Brexit vote becomes clearer.

It plans to move its 850 London staff into the new offices in 2018. This will bring staff who are currently spread across four offices into one central location.

The plans come at a time when Brexit uncertainty has resulted in multiple commercial property investment funds freezing withdrawals as investor jitters created a run on deposits.

Falling sterling values and a dip in the market is making British investments appealing to investors who believe that Brexit fears will abate with time.

A number of banks have warned that they will leave London if British politicians cannot negotiate access to the Single Market. JP Morgan and Goldman Sachs are among the banks who have considered a move.

Wells Fargo employs 269,000 people internationally - it has a market capitalisation of €218bn.