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Wells Fargo to exit personal insurance business

Wells Fargo to exit personal insurance business
From Reuters - November 28, 2017

(Reuters) - Wells Fargo & Co (WFC.N) said on Tuesday it would exit the personal insurance business and immediately begin winding down marketing and product promotion activity.

Wells Fargos personal insurance business includes auto, homeowners, renters and umbrella insurance products. The business financial contribution was not material to the company, according to the banks 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.

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