Wells Fargo Bank, a subsidiary of Wells Fargo & Co. (NYSE: WFC), has agreed to sell its Institutional Retirement and Trust business to Des Moines, Iowa-based Principal Financial Group (Nasdaq: PFG) 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…
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Alfred Serrano 