Reuters exclusively reports Wells Fargo explores sale of asset management business

Reuters exclusively reported that Wells Fargo & Co 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. 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.