Wells Fargo considers disposal of broking unit

US bank Wells Fargo is mulling a sale of its insurance broking
business in a deal which could net the bank around $2bn,
The Insurance Insider understands.
The mooted sale, first reported by Bloomberg today, would value
Wells Fargo Insurance Services at around 10x Ebitda.
Banking sources have been suggesting for weeks that Wells Fargo
would move to dispose of the asset given the high levels of private
equity interest in the space.
The asset has long been considered the...