Geneviève Piché, who has worked in investment banking at the company for 20 years, will be in charge of helping corporate clients make environmentally and socially responsible investments.

Wells Fargo plans to sell its asset management business to two private equity firms, part of Chief Executive Charlie Scharf's efforts to dump nonessential operations and help the bank emerge from years of scandals.

The nod from the Federal Reserve is seen as a significant step toward eventually freeing the bank from a 2018 order that imposed a cap on its assets.

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.