Principal Financial close to Wells Fargo retirement unit acquisition: Source

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 66%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

Principal Financial Group Inc is in advanced talks to acquire Wells Fargo & Co's retirement plan services business, in a deal that could exceed ...

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

StanChart suffers senior private banker exits in Asia as unit earnings sag: sources[HONG KONG] Standard Chartered PLC has seen the departure of at least four senior Asia-based bankers from its private banking unit in recent months, three people with direct knowledge of the matter said, amid growing earnings pressure at the business. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

StanChart suffers senior private banker exits in Asia as unit earnings sag: SourcesHONG KONG: Standard Chartered has seen the departure of at least four senior Asia-based bankers from its private banking unit in recent months, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

StanChart suffers senior private banker exits in Asia as unit earnings sag: Sources
Source: TODAYonline - 🏆 1. / 99 Read more »