Wells Fargo Explores Asset Management Unit Sale – Reuters

Wells Fargo (WFC +0.9%) is exploring the sale of its asset management business, which would represent the biggest move by the bank since Charlie Scharf took over as CEO last year, Reuters reports, citing people familiar with the matter.

The unit, which managed $578B on behalf of customers at the end of Q2, could garner more than $3B in a sale, two of the sources told Reuters.

The company has talked with asset management companies and private equities about a potential deal, the people said; still, there’s no assurance that a deal will proceed, they said.