Wells Fargo & Co. says it is selling its institutional custody operation to Bank of New York Co. because it doesn't have enough scale in the business to compete.

The deal is expected to close before the end of the year. Wells sold its corporate trust business to the New York bank last winter.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.