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Wells Fargo Exploring $1 Billion-Plus Corporate-Trust Sale

  • Bank said to consider selling $10 billion student-loan book
  • CEO Scharf has promised a leaner firm after years of scandals
Photographer: Christopher Dilts/Bloomberg

Wells Fargo & Co. is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student-loan portfolio, according to people familiar with the matter.

The corporate-trust process is ongoing and Wells Fargo is handling the potential divestiture itself, one of the people said, asking not to be identified because the talks are private. The San Francisco-based bank is also exploring a sale of its $607 billion asset manager and expects to receive bids by the end of the month, as reported last week.