Banking giant Wells Fargo has announced the sale of roughly $2 billion worth of private equity investments as part of its efforts to sharpen focus on its core businesses.
The divestment of the investments, which were managed by Norwest Equity Partners and Norwest Mezzanine Partners, will allow the bank to streamline its operations and enhance its focus on its key areas of expertise.
The move is part of a trend among financial institutions to increase efficiency and reduce their holdings in non-critical areas amid economic uncertainty caused by the COVID-19 pandemic.
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