Lenders have been looking to improve efficiency and scale back less important bets, to better navigate the uncertainty as the Federal Reserve tries to engineer a soft landing for the U.S. economy. "With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo's core businesses and customers," Wells Fargo CFO Mike Santomassimo said. The investments were in certain funds managed by Norwest Equity Partners and Norwest Mezzanine Partners.