Wells Fargo Rumored to Be Considering Sale of Private-Label Card Business

Wells Fargo (NYSE: WFC) is reportedly mulling a sale of its private-label credit card business as the bank continues to look for ways to slim down and refocus its business, according to Bloomberg, which cited anonymous sources.

The rumors align with other recent reports that say the bank is also considering a sale of its asset management division, which has $607 billion assets under management, as well as its corporate trust division and student loan portfolio, which could be worth roughly $10 billion.

CEO Charlie Scharf said on the bank's third-quarter earnings call said that he is looking "to exit some things which aren't core to the U.S. banking franchise." Scharf has also indicated that the bank is interested in cutting annual expenses by around $10 billion to get its cost structure in line with its peers.

Source Fool.com