Wells Fargo eyes $3bn sale of asset management business - reports

Plans to keep wealth management division

Wells Fargo is considering the sale of its asset management business, which could see it rake in $3bn, according to reports.

The US bank is exploring the sale of its investment management arm, which had $578bn in assets under management as at 30 June, Reuters reported citing sources familiar with the matter. A potential deal has been discussed with asset management companies and private equity firms, the sources said, while warning the divestment is not certain. San Francisco-based Wells Fargo's new CEO Charles Scharf recently told analysts he would clean up the firm's balance sheet by exiting non-core business as he prepares the ground for a turnaround of the franchise. Boutiques to benefit from 'crunch...