Principal Financial close to Wells Fargo retirement unit acquisition: Source

REUTERS: Principal Financial Group Inc is in advanced talks to acquire Wells Fargo & Co's retirement plan services business, in a deal that could exceed US$1 billion, people familiar with the matter said on Sunday.

Wells Fargo has been seeking to streamline its business as it grapples with the fallout of customer abuse scandals. The bank is prohibited from growing in size after the Federal Reserve slapped it with an unprecedented asset cap in February 2018, citing"widespread consumer abuses and compliance breakdowns."The bank's retirement plan services unit, which includes Wells' 401 savings accounts business, would expand a similar business of Principal Financial.

The disclosure three years ago that Wells Fargo created millions of fake customer accounts prompted regulatory probes into mortgage foreclosures, auto insurance sales and its wealth management businesses, resulting in billions of dollars in fines.

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