Wells Fargo (WFC.N) said on Friday it had sold about $2 billion of its private equity investments as the bank aims to sharpen focus on its core businesses.
Lenders have been looking to improve efficiency and scale back less important bets, to better navigate the uncertainty as the Federal Reserve tries to engineer a soft landing for the U.S. economy.
“With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo’s core businesses and customers,” Wells Fargo CFO Mike Santomassimo said.
Read the full story on Reuters here.