Goldman Sachs Group’s plan to move part of its asset management unit to Florida is gaining momentum, as the Wall Street bank discreetly seeks volunteers for the first wave and prepares office space.
Wells Fargo plans to sell its asset management business to two private equity firms, part of Chief Executive Charlie Scharf's efforts to dump nonessential operations and help the bank emerge from years of scandals.
The trust bank and the credit card company said they'll make it easier for customers to use cryptocurrencies. The announcements contributed to another jump in the price of the largest digital asset.
Wells Fargo, reeling from years of scandals, is unloading several businesses as it seeks to simplify its structure. The sale of the asset management unit could fetch more than $3 billion, according to industry sources.
The Boston-based firm has been informally working with an adviser to review strategic alternatives for State Street Global Advisors, including a merger with a competitor, people familiar with the matter said.
Wells Fargo is exploring the sale of its asset-management unit, a business that could fetch more than $3 billion, according to a person briefed on the matter.
Less than three weeks after making a $1.05 billion pledge to fight racism, the Pittsburgh company promoted two Black bankers to its top-level management committee.
