REUTERS: Wells Fargo & Co is exploring a sale of its asset management business, in what would be the U.S. bank's biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year, people familiar with the matter said on Thursday.
The San Francisco-based bank has discussed a potential deal with asset management companies and private equity firms, according to the sources, who cautioned that a divestment is not certain and asked not to be identified because the matter is confidential.Wells Fargo reported a 57per cent drop in its third-quarter profit earlier this month, missing Wall Street's expectations, as persistent costs continued to haunt the bank.
The U.S. Federal Reserve has placed restrictions on Wells Fargo's balance sheet, to be lifted only when the management team can prove it has sufficiently improved risk management and controls. The asset management business, which is part of Wells Fargo's wealth and investment management division, offers mutual funds and retirement products. Wells Fargo plans to keep its wealth management business that caters to high-net worth clients, the sources said.
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