The asset management division could fetch more than $3 billion, people familiar with the matter said in October. REUTERS: Wells Fargo is in exclusive talks to sell its asset management business, which manages more than US$607 billion on behalf of customers, to a … The divestment would represent the U.S. bank's biggest shake-up since former Bank of New York Mellon Chief Executive … The sale of the asset management business a step to turn Wells Fargo around following a years-old sales practices scandal. When inquired by Reuters, Wells Fargo declined to comment, while US-based GTCR and Reverence did not respond to requests for comment. He has been cutting costs and shedding noncore businesses. According to Reuters, which cited unnamed sources, Wells is in exclusive talks to sell its asset management arm to a private equity group led by GTCR LLC and Reverence Capital Partners LP.. A spokesman for Wells Fargo declined to comment when approached by Citywire. Representatives for Wells Fargo, GTCR and Reverence declined to comment. Wells Fargo & Co is in exclusive talks to sell its asset management business, which manages more than $607 billion on behalf of customers, to a private equity consortium led by GTCR LLC and Reverence Capital Partners LP, according to people familiar with the matter. Wells Fargo News . Representatives for Wells Fargo, GTCR and Reverence declined to comment. The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. Wells Fargo & Co. is in talks to sell its asset management business to a private equity consortium led by GTCR and Reverence Capital Partners, according to … Follow WFC. 31.93-2.82 (-8.12%) Upgrade to Real-Time Afterhours (Closed) Wells Fargo in Talks to Sell Asset Management Business, Reuters Reports January 14 2021 - … Wells Fargo reportedly exploring sale of asset management business Wells Fargo fires over 100 staffers for COVID-19 relief abuse Wells Fargo third-quarter profit plunges 57 percent They have been cutting costs and shedding noncore businesses. Law360 (January 12, 2021, 5:24 PM EST) -- Wells Fargo Merchant Services LLC has agreed to pay up to $40 million in a settlement to end claims by … Chicago-based GTCR and New York-based Reverence did not respond to requests for comment. Wells Fargo is reportedly in talks to sell its asset management arm. Wells Fargo declined to comment. Wells Fargo (WFC +3.1%) is in exclusive talks to sell its asset management business to a private equity group led by GTCR LLC and Reverence Capital … The asset management division could fetch more than $3 billion, people familiar with the matter said in October.

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