Wells Fargo decides not to sell private-label credit card unit – Bloomberg News

Wells Fargo & Co. is no longer putting its private-label credit card unit on sale, Bloomberg News reported Feb. 9, citing an unnamed source.

Even though the San Francisco-based banking giant sought out possible buyers last year, the company was still unsure about a sale, people familiar with the talks told the news outlet.

A Wells Fargo spokesperson declined to comment on the move, according to the report.

Wells Fargo CEO Charles Scharf said late last year the company was continuing to explore business exits. The company sold its $10 billion student loan portfolio in December 2020 and exited its international wealth management business in January.