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If you like an unauthorized bank account or some insurance on a pet you don’t have alongside your retirement investments, you may be out of luck.

Wells Fargo & Co is exploring a sale of its asset management business, in what would be the U.S. bank’s biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year…. Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said.

Of course, Reginald Robinson could have told you that the bank was moving away from managing money—at least, that’s what it told him, and it definitely couldn’t have anything to do with anything else.

Robinson, who is African-American, ran mutual fund operations within the bank’s wealth- and investment-management arm in St. Louis. He told Wells Fargo in May that he had been diagnosed with cancer, according to the claim, and took medical leave from June until September. Wells Fargo notified him that he was being let go while he was away, according to the complaint. The bank told him he was eligible to be cut based on “job criticality….”

“There’s an inherent incongruity between asserting that the bank ostensibly intends on doubling its Black leadership over the next five years and then, within just a few months thereafter, dismissing without cause Mr. Robinson, an African-American senior executive at the bank and the only African American at his level or higher in all of operations in the bank’s St. Louis office,” said John Singer, an attorney at Singer Deutsch LLP who is representing Robinson.

Wells Fargo explores sale of asset management business – sources [Reuters]
Former Wells Fargo manager alleges age, race, disability bias [Financial Planning]


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