Wells Fargo To Buy 401(k) Business From Comerica

"This acquisition supports our goal of being a leading provider of retirement solutions in the U.S. market and shows our strong commitment to building an industry-leading retirement business," said John Papadopulos, president of the retirement services group at Wells Fargo. "Comerica Bank customers already use our recordkeeping platform so this transaction will be seamless."

Comerica Bank will no longer offer its own proprietary, self-branded defined contribution 401(k) product, but Comerica Securities will continue to distribute third-party defined contribution and 401(k) products.

The announcement of the transaction comes the same day that federal regulators told Wells Fargo to shore up its finances after government "stress tests" showed the bank would have trouble surviving a deeper recession.

Wells Fargo is one of several banks that regulators will force to hold larger buffers to protect them against possible future losses, according to two people familiar with the matter who spoke on condition of anonymity because of the sensitivity of the process.

Wells Fargo holds billions of dollars in mortgage, construction and credit card loans. The stress test treated those loans as especially vulnerable since borrowers would face trouble repaying their debts in a much worse economy.