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Principal Financial to acquire Wells Fargo's institutional retirement business for $1.2 billionPrincipal Financial Group said Tuesday it has agreed to acquire Wells Fargo & Co.s Institutional Retirement & Trust business for $1.2 billion. The deal will double the size of Principal's U.S. retirement business measured by total recordkeeping assets, the company said in a statement. "In addition to increased scale, Principal will gain a strong foothold with mid-sized employers as more than two-thirds of Wells Fargo's institutional retirement assets are in plans ranging from $10 million to $1 billion," said the statement. The deal is expected to boost net income and non-GAAP operating per-share earnings in 2020 and will be financed with a mix of cash and senior debt financing. The deal is expected to close in the third quarter. Wells Fargo shares were slightly higher premarket, while Principal's shares were not yet active. Bad decision.
Source: MarketWatch - 🏆 3. / 97 Read more »
Wells Fargo unloads retirement-plan unit for $1.2 billionWells Fargo is saying goodbye to its retirement-plan business as the bank continues to grapple with a penalties, legal fees and a backlash over its scandals. Principal Financial agreed to acquire the unit for $1.2 billion. 'When you rip people off' Banks are corrupt Incredible there are knuckleheads that continue to bank at Wells.
Source: CNN - 🏆 4. / 95 Read more »
Wells Fargo Sells Institutional Retirement and Trust Arm for $1.2 BillionWells Fargo is selling off its retirement and trust business to Principal Financial Group for $1.2 billion, the companies said. If anyone shouldn't be selling Trust, it's Wells Fargo. Wells Fargo should be dissolved, its Assets transferred to other Banks. Wells Fargo is unethical bank. It DNA is cheat and deceit. Great! They can use it to pay off the billions they stole for Check Deposit Manipulation what all there smaller manufactured scams have really been covering up this whole time. Plus the new Uber scam that hasn't come out yet. The PayPal echeck scams. The Automatic Bill Pay scams.
Source: WSJ - 🏆 98. / 63 Read more »