Wells Fargo explores sale of asset management business: sources

Wells Fargo reported a 57 per cent drop in its third-quarter profit earlier this month, missing Wall Street's expectations, as persistent costs continued to haunt the bank.

Bank executives have signalled repeatedly that the worst of the fallout is in the past, but elevated operating losses have persisted. Mr Scharf told analysts on the bank's third-quarter earnings call this month that he expected to create some room on Wells Fargo's balance sheet by exiting non-core businesses.

The asset management business, which is part of Wells Fargo's wealth and investment management division, offers mutual funds and retirement products.

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