Wells Fargo is opting to keep its private-label credit card unit after reaching out to potential buyers last year, according to a person with knowledge of the matter.

Aside from the cash infusions, the San Francisco-based bank will assign dedicated teams to provide the lenders with financial, technology and product expertise.

A race for talent is heating up as Wells Fargo winds down the roughly $40 billion international segment of its wealth management business, with several firms competing to scoop up advisers and their lucrative client lists.

Wells Fargo cut its chief executive's compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008.

CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

Fourth-quarter results were hurt by restructuring and customer-remediation charges, but the release of credit-loss reserves and the sale of a student-lending business gave an unexpected boost to net income.

A team led by Michael Lipsitz, a lawyer hired away from Santander last year, will look at everything from whether prices are fair to whether complaint data contains notable trends.

The Office of the Comptroller of the Currency terminated a 2015 consent order that required the bank to improve its controls for combating money laundering.

Inside Wells Fargo, managers say they intend to build a more commensurate presence on Wall Street, where the firm ranks a mere ninth in capital markets and deal advisory, by focusing on business lines and industries where it already has credibility.

The bank has been streamlining common activities for commercial clients as part of a yearlong digital transformation.

The bank's release from a five-year-old enforcement action would mark progress in CEO Charlie Scharf's efforts to resolve its sprawling regulatory problems. But 10 more consent orders, including an asset cap imposed by the Federal Reserve in 2018, remain in place.

The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet.

Moore led development of Bank of America's virtual assistant, Erica, and was American Banker's Digital Banker of the Year in 2017.

The San Francisco-based bank will keep most employees working from home for at least a month longer than last announced.

Wells Fargo, reeling from years of scandals, is unloading several businesses as it seeks to simplify its structure. The sale of the asset management unit could fetch more than $3 billion, according to industry sources.

A group that includes the private equity firms Apollo Global Management and Blackstone Group is in talks to acquire Wells Fargo’s student loan portfolio, according to people familiar with the matter.

The bank will now let business customers receive and pay invoices from within online and mobile banking.

A number of top Wells executives privately expect it won’t be able to escape the limit on assets until late next year at the earliest, while key Fed officials see the process dragging into 2022 or beyond, according to people familiar with their thinking.

Warren Buffett's company has been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes.