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WFC.N) said on Tuesday it would exit the personal insurance business and immediately begin winding down marketing and product promotion activity.
Wells Fargo’s personal insurance business includes auto, homeowners, renters and umbrella insurance products. The business’ financial contribution was not material to the company, according to the bank’s statement on Tuesday.
Wells Fargo has been working for more than a year to recover from a sales scandal that has impacted several of its consumer businesses, including some insurance products. The bank has also been working to cut costs as profits have fallen due in part to legal and regulatory problems.
Wells, the third-largest U.S. lender by assets, has already exited several other insurance businesses, including crop insurance, which it sold in 2016. It announced a deal in June to sell its commercial insurance business. That deal has yet to close.
The personal insurance business is the last remaining insurance brokerage agency Wells Fargo owns.
Reporting by Dan Freed in New York and Ankit Ajmera in Bengaluru; Editing by Leslie Adler; Editing by Anil D’Silva