Principal Financial close to Wells Fargo retirement unit acquisition-sources
March 18, 2019 by David French
(Reuters) – Principal Financial Group Inc is in advanced talks to acquire Wells Fargo & Co’s retirement plan services business, in a deal that could exceed $1 billion, people familiar with the matter said on Sunday.
Wells Fargo has been seeking to streamline its business as it grapples with the fallout of customer abuse scandals. The bank is prohibited from growing in size after the Federal Reserve slapped it with an unprecedented asset cap in February 2018, citing “widespread consumer abuses and compliance breakdowns.”
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