1 OECD UPGRADES COUNTRY RISK CLASSIFICATION OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/07/02      2 AIR CHINA C909 MAKES INTERNATIONAL DEBUT FLIGHT ON MONGOLIA ROUTE WWW.CHINADAILY.COM.CN  PUBLISHED:2025/07/02      3 PRIME MINISTER OF MONGOLIA HIGHLIGHTS ITS COMMITMENT TO STABLE AND RELIABLE EXTERNAL ENVIRONMENT WWW.MONTSAME.MN PUBLISHED:2025/07/02      4 MONGOLIA’S STRATEGIC SHIFT TOWARD CENTRAL ASIA WWW.CASPIANPOST.COM PUBLISHED:2025/07/02      5 MONGOLIAN FILMMAKERS TAKING STEPS TOWARD PRESENTING THEIR PROJECTS TO INTERNATIONAL PRODUCERS WWW.MONTSAME.MN PUBLISHED:2025/07/02      6 7 BILLION MNT LOST TO TELEGRAM SCAMS WWW.UBPOST.MN PUBLISHED:2025/07/02      7 A TOTAL OF 12 WILDFIRES EXTINGUISHED THROUGHOUT MONGOLIA WWW.QAZINFORM.COM PUBLISHED:2025/07/02      8 WORLD BANK APPOINTS NEW COUNTRY DIRECTOR FOR PAKISTAN WWW.WORLDBANK.ORG PUBLISHED:2025/07/01      9 MONGOLIAN NATIONAL APPOINTED AS UN RESIDENT COORDINATOR IN KAZAKHSTAN WWW.MONTSAME.MN PUBLISHED:2025/07/01      10 MONGOLIA AND EURASIAN ECONOMIC UNION SIGN INTERIM FREE TRADE AGREEMENT WWW.MONTSAME.MN PUBLISHED:2025/07/01      “ЧИНГИС ХААН” НИСЭХ БУУДАЛ ДЭЛХИЙН ХАМГИЙН ИХ САЙЖИРСАН 10 БУУДЛЫН НЭГ БОЛОВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/07/02     ТЭЦ-5 ТӨСЛИЙН ХУВИЙН ХЭВШЛИЙН ТҮНШЛЭГЧИЙГ СОНГОХ УРЬДЧИЛСАН ШАЛГАРУУЛАЛТАД ДОТООД, ГАДААДЫН 8 ААН ОРОЛЦЛОО WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/02     #1: ₮6.3 ТЭРБУМЫГ ҮРСЭН БАРИМТ: НӨЛӨӨЛӨГЧ АВЧРАХ, ФЕСТИВАЛЬ, ХУРАЛ ХИЙХ МӨНГИЙГ БОАЖЯ-НЫ ТНБД С.ЦОГТГЭРЭЛ ГАНЦ ХОЛБООНД ӨГЧЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/07/02     ДАШТ-ЭЭС МӨНГӨН МЕДАЛЬ ХҮРТСЭН 3Х3 САГСАН БӨМБӨГИЙН ТАМИРЧДАД ГАВЬЯАТ ЦОЛ ОЛГОЛОО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/07/02     Н.НАНДИНХҮСЭЛ МӨРӨӨДЛӨӨ БИЕЛҮҮЛЖ, NCAA-Д ТОГЛОХООР БОЛЛОО WWW.NEWS.MN НИЙТЭЛСЭН:2025/07/02     ХЯТАДЫН ХИЛИЙН БООМТУУДАД МОНГОЛЫН КОКСЖИХ НҮҮРСНИЙ ҮНЭ БАГА ЗЭРЭГ НЭМЭГДЖЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/02     ШИНЭ ТОЙРОГ АВТО ЗАМ ТӨСЛИЙН I ТОЙРОГ ЗАМЫН ТЭЗҮ-ИЙГ БАТАЛЛАА WWW.ZINDAA.MN НИЙТЭЛСЭН:2025/07/02     ДЭЛХИЙН БАНКНЫ ПАКИСТАН ДАХЬ СУУРИН ТӨЛӨӨЛӨГЧӨӨР МОНГОЛ ХҮН ТОМИЛОГДЖЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/01     МОНГОЛ УЛС ТОГТВОРТОЙ, НАЙДВАРТАЙ ГАДААД ОРЧИН БҮРДҮҮЛЭХЭД АНХААРЧ БУЙГ ТОДОТГОВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/07/01     Х.НЯМБААТАР ГАДНЫН ЗАХ ЗЭЭЛЭЭС БОСГОСОН 500 САЯ ДОЛЛАРЫН БОНДОО АРИЛЖААНЫ БАНКУУДАД БАЙРШУУЛЖ, 5.7 ТЭРБУМ ТӨГРӨГИЙН ХҮҮГИЙН АЛДАГДАЛД ОРЖЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/01    

Wells Fargo explores sale of asset management business - sources www.reuters.com

(Reuters) - Wells Fargo & Co WFC.N is exploring a sale of its asset management business, in what would be the U.S. bank's biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year, people familiar with the matter said on Thursday.
The potential deal would illustrate how Scharf is looking at drastic moves, beyond cost cuts, as he seeks to turn Wells Fargo around following a years-old sales practices scandal. He has said he is targeting $10 billion in savings annually over the long term.
Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said.
The San Francisco-based bank has discussed a potential deal with asset management companies and private equity firms, according to the sources, who cautioned that a divestment is not certain and asked not to be identified because the matter is confidential.
A Wells Fargo spokesman declined to comment.
Wells Fargo reported a 57% drop in its third-quarter profit earlier this month, missing Wall Street’s expectations, as persistent costs continued to haunt the bank.
The bank has been grappling with these costs since 2016, when it entered a settlement with regulators that detailed millions of phony accounts employees had created in customers’ names without their permission to hit sales targets.
Bank executives have signaled repeatedly that the worst of the fallout is in the past, but elevated operating losses have persisted.
The U.S. Federal Reserve has placed restrictions on Wells Fargo’s balance sheet, to be lifted only when the management team can prove it has sufficiently improved risk management and controls.
Scharf told analysts on the bank’s third-quarter earnings call this month that he expected to create some room on Wells Fargo’s balance sheet by exiting non-core businesses.
“I just want to be clear. We are exiting them because they are not core to serving our core customer base on the consumer and large corporate side. We are not exiting them because of the asset cap,” Scharf said.
The asset management business, which is part of Wells Fargo’s wealth and investment management division, offers mutual funds and retirement products. Wells Fargo plans to keep its wealth management business that caters to high-net worth clients, the sources said.
The wealth and investment management division is led by Barry Sommers, the former head of JPMorgan Chase & Co's JPM.N wealth management business that Scharf recruited in June.
Wells Fargo had started to trim the division even before Scharf because CEO. It sold its retirement plan services business to Principal Financial Group Inc PFG.O last year for $1.2 billion.
Reporting by David French in New York; Additional reporting by Imani Moise and Joshua Franklin in New York; Editing by Daniel Wallis


Published Date:2020-10-23