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.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
