Wells Fargo sells off $10 billion private student loan business to private investors

Wells Fargo & Co. has sold off its $10 billion private student loan portfolio as it looks to shed costs amid a directive under CEO Charlie Scharf to cut billions of dollars in expenses and retrench the lender into its core businesses. The transaction is expected to close in the first half of 2021.

Wells Fargo (NYSE: WFC) announced the move on Friday making good on its notice to customers in September that it was exiting the private student loan space. Bloomberg reported that the buyers were a group…

Source: The Business Journal