Wells Fargo & Co. is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is also considering whether to find a buyer for its student-loan portfolio, according to people familiar with the matter.
The corporate-trust process is ongoing and Wells Fargo is handling the potential divestiture itself, one of the people said, asking not to be identified because the talks are private. The bank is also exploring a sale of its $607 billion asset manager and expects to receive bids by the end of the month, as reported last week.
Chief Executive Charlie Scharf is preparing to lay out his vision for the embattled lender. Since taking over last October, Scharf has been reviewing the firm’s businesses and developing a turnaround strategy after years of scandals. He’s promised a simpler structure that focuses on key units, telling analysts earlier this month that the firm will “continue to exit some things which aren’t core to the U.S. banking franchise.”
The corporate-trust business provides trust and agency services in connection with public and private debt securities. It’s part of the firm’s commercial bank, which serves businesses that typically have more than $5 million in annual sales.
Wells Fargo holds a $10 billion student-loan portfolio. The bank said earlier this month that it had notified customers of its planned exit from the student-lending business.
Representatives for Wells Fargo declined to comment on the potential divestitures.
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
