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Wells Fargo puts insurance brokerage up for sale: Bloomberg

Wells Fargo & Co is exploring a sale of its insurance brokerage business which could sell for about $2 billion, according to Bloomberg. The lender has reached out to private equity firms to gauge their interest in Wells Fargo Insurance Services USA Inc, the story said. Wells Fargo is cutting costs and exiting businesses where it doesn’t get the best returns on investment to boost profit, Bloomberg said.