GTCR and Reverence Capital Partners to Acquire Wells Fargo Asset Management
Leading private equity firms to partner with management, portfolio managers, and employees to establish the Wells Fargo unit as an independent company
- As an independent company, Wells Fargo Asset Management will operate with the singular focus of best serving the needs of its global institutional, retirement, and wealth management clients
- GTCR and Reverence Capital are focused on investing in the franchise to support sustained growth of the business, building upon the company s culture of investment performance, innovative solutions, and client service
- The business will continue be led by CEO Nico Marais and other senior managers of WFAM
Wells Fargo sells asset management arm for $2bn citywireselector.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citywireselector.com Daily Mail and Mail on Sunday newspapers.
Wells Fargo targets $8 billion in cuts
Beleaguered bank also confirms asset-management among units on chopping block
Print
Wells Fargo is aggressively targeting $8 billion in cost savings, to include job cuts and other organizational streamlining efforts, over the next three to four years, the company said Friday in its fourth quarter earnings call.
The bank s cost-cutting target does not include announced plans to exit several areas its private student loan business, international wealth management and direct equipment finance in Canada which are not core to the firm s mission, President and CEO Charles W. Scharf said during the earnings call.
Wells Fargo is also exploring options to exit its asset management and corporate trust businesses, as well as its rail leasing portfolio, which would not be included in the $8 billion cost-cutting measure, Mr. Scharf said.
Wells Fargo: Investor Optimism Gains Steam in Fourth Quarter bozemandailychronicle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bozemandailychronicle.com Daily Mail and Mail on Sunday newspapers.