|Wells Fargo is preparing to shed some of its smaller businesses in the wake of its fake-accounts scandal, Reuters reported Sunday. Chief Financial Officer John Shrewsberry told Financial Times that Wells Fargo, the second largest U.S. bank, would spin off products “worth hundreds of millions of dollars” to better focus on “more relevant” ones. “We get a little bit smaller, a little bit less complex and we can focus on what we’re good at,” he said. The bank recently announced it would pay $142 million to settle a class-action lawsuit over fake accounts and credit cards employees opened for customers without their consent.
Source: Reuters, Financial Times