Wells Fargo Bank, a subsidiary of Wells Fargo & Co., has agreed to sell its Institutional Retirement and Trust business to Des Moines, Iowa-based Principal Financial Group for $1.2 billion.
The transaction is set to close early in the third quarter. It also includes up to $150 million in additional payment to Wells Fargo in the third quarter of 2021, if business performance exceeds expectations.
Wells Fargo’s IRT business handles retirement plans, deferred compensation for executives, trust accounts…
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