Wells Fargo plans to sell its asset management business for over $3 billion after posting 57% drop in 3rd-quarter profit, report says | Markets Insider

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Wells Fargo plans to sell its asset management business for over $3 billion after posting 57% drop in 3rd-quarter profit, report says

The US bank's asset management arm, which manages $578 billion, could fetch over $3 billion, Reuters said, citing sources.

Wells Fargo has held talks with potential asset management companies and private equity firms, but no deal is confirmed yet, Reuters said. A spokesperson declined to comment to Business Insider's request for comment.

 

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