- 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.
Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said. Bank executives have signaled repeatedly that the worst of the fallout is in the past, but elevated operating losses have persisted.
“I just want to be clear. We are exiting them because they are not core to serving our core customer base on the consumer and large corporate side. We are not exiting them because of the asset cap,” Scharf said.
Wells Fargo is a relentlessly corrupt and incompetent bank that should broken into smaller banks.
I love that they finally put a Wells Fargo in my city in Pasco Washington!
Wow.
Wells Fargo s u c k s
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