trending Market Intelligence /marketintelligence/en/news-insights/trending/qCvQ4gzsMAWQ8pEIIr3d2A2 content esgSubNav
In This List

Report: Principal Financial in talks to buy Wells Fargo's retirement business

Podcast

Street Talk | Episode 98: Regulatory scrutiny having cooling effect on community bank M&A

Blog

Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion

Podcast

Street Talk | Episode 97: Recessionary fears still keeping bank investors on the sidelines

Blog

Making sanctions effective: Key themes for banks


Report: Principal Financial in talks to buy Wells Fargo's retirement business

A more than $1 billion deal under which Principal Financial Group Inc. would acquire Wells Fargo & Co.'s retirement plan service business could be announced later in March, if negotiations end successfully, Reuters reported, citing sources.

The business, which includes Wells Fargo's 401(k) savings accounts business, would help Principal Financial grow a similar business.

The news comes as Wells Fargo works on streamlining its business after the Federal Reserve imposed an asset cap on the bank in February 2018.

Representatives of Principal Financial and Wells Fargo said the companies do not comment on rumors or speculations.