Wells Fargo & Co. is considering a sale of its retirement-plan services business, according to people familiar with the matter.
The unit could fetch as much as $1 billion, said one of the people, who asked to not be identified because the matter isn’t public. The people said deliberations are at an early stage and the bank may decide to keep the business, which offers record-keeping, trust, custody and other retirement-plan services to corporations.
A representative for San Francisco-based Wells Fargo declined to comment on the potential sale.
Wells Fargo, the third-largest U.S. bank by assets, has been unloading business lines this year amid an enterprise-wide review following a string of consumer scandals. The company’s problems erupted in 2016 on the revelation that employees created as many as 3.5 million accounts on behalf of customers who didn’t want them. In February, the Federal Reserve banned Wells Fargo from growing assets past their December 2017 level until the bank rights its missteps.