Wells Fargo plans to sell its asset management business for over $3 billion after posting 57% drop in 3rd-quarter profit, report says
Published
Oct 23 2020 at 11:23 AM GMT
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- Wells Fargo plans to sell its asset management business for $3 billion after posting a 57% drop in third-quarter profits, according to Reuters.
- The bank's wealth management arm, which caters to high-net worth clients, would remain part of the business.
- The US bank has held talks with potential asset management companies and private equity firms, but no deal has been confirmed yet.
- Wells Fargo's third-quarter profits dropped to about $2 billion, from $4 billion a year ago, as it signaled that it was prepared for a wave of soured loans.
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- Published Oct 23, 2020 11:23 AM GMT