An 11-storey building in the City of London, known as 33 Central, is planned to be completed in the third quarter of next year, according to a statement from the property developer HB Reavis Group as quoted by Bloomberg.

The property with a rooftop garden and views over the River Thames will accommodate about 2,600 people. Wells Fargo employs 850 people across its four London offices. The bank plans to occupy the new location in 2018, according to a spokesperson.

“With this new building in London, we are able to bring our team members together in one location in order to more efficiently and effectively manage our operations,” said Frank Pizzo, Wells Fargo regional president for Europe Middle East & Africa.

The deal goes against concerns over the London office property market after Britain’s shock vote to quit the European Union and the fear that some banks are planning to leave the British capital.

“Many have doubted what will happen to the real estate market after the Brexit vote,” said Marian Herman, CFO of HB Reavis Group, stressing that the completion showed resilience in the market. The firm suggests the deal as one of the largest for the City of London this year.

Employing 269,000 people, US-based Wells Fargo has $1.8 trillion in assets. However, the bank gets 95 percent of its revenue domestically and has a low overseas profile.

Heavy-duty trucks, where Volvo is competing with Germany's Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE), are benefiting from strong demand across Europe while battling downturns across the Atlantic.

Volvo, which sells trucks under the Mack, Renault and UD brands as well as its own name, scaled back its outlook for North America, saying it expected industry wide sales of 240,000 trucks, down from a forecast for 250,000 given in April.

Weaker markets in the United States and also China, where sales of construction equipment are falling, will test the new leadership team's skill in boosting profitability.

"In the second quarter we were able to continue the improvement of our underlying profitability despite declining sales, thanks to positive cost development," said CEO Martin Lundstedt, a former Scania boss appointed last year. Scania had long boasted some of the best profit margins in the business.

Gothenburg-based Volvo said order intake of its trucks fell 8 percent in the second quarter compared with a 1 percent drop seen by analysts. A 29 percent fall in North American truck orders led the decline.

Volvo shares rose 0.8 percent by 0756 GMT (03:56 a.m. EDT), outpacing a 0.7 percent fall in the in the STOXX Europe 600 Industrial Goods & Services Index .SXNP. The stock is up 12 percent so far this year compared with a 2 percent drop for the index.

"The earnings are really good, and what stands out is primarily the 10 percent operating margin in trucks despite them scaling back output in North America," Handelsbanken Capital Markets analyst Hampus Engellau said. "This is exactly what one wanted to see."

Lundstedt has come on board as Volvo begins reaping the benefits of a 10 billion Swedish crown ($1.17 billion) cost cutting drive intended to make the sprawling group less prone to sharp swings in profitability as cyclical truck markets periodically slump.

The group said adjusted operating earnings rose to 6.13 billion crowns from a year-ago 5.98 billion, beating a mean forecast for 5.64 billion in Reuters poll of analysts.

It reported adjusted operating margin of 7.8 percent compared with a year-ago 7.1 percent and the 7.0 percent seen by analysts.

"The results tells us that Volvo are on track to boost its earnings generation capacity also when demand is not great," said Danske Bank analyst Bjorn Enarson.