Wells Fargo May Sell Its Insurance Brokerage Business

According to Bloomberg, Wells Fargo is considering selling its insurance brokerage business for what could be a deal worth some $2 billion . The retail bank is looking to cut costs and exit businesses with less favorable returns. And this isn’t the first time. Recall: back in 2015 the company sold its crop business – Rural Community Insurance Services – to Zurich for a bit over ~$1B. Bottom Line: market rumor. Speaking of Wells Fargo, also known as ‘Berkshire Hathaway’s largest stock holding’, Buffett had something to say at his company’s annual meeting, which took place on Saturday, May 6.

This Warren Buffett.