Jim Cramer: Anything Wells Fargo Does Is Positive

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Wells Fargo  (WFC) - Get Report is reportedly exploring the sale of its asset-management arm, a business that could fetch more than $3 billion, as it looks to revamp its business.

The San Francisco-based bank, which under CEO Charlie Scharf has been reviewing its broader banking and investment management strategy, began discussing a possible deal with other asset managers and private-equity firms last month, Bloomberg reported, citing a person briefed on the matter.

Bids could come as soon as this month. The discussions were first reported by Reuters on Thursday.

Wells Fargo’s asset management unit held $607 billion at the end of September, according to the company’s most recent financial statements. That puts it behind the likes of Morgan Stanley  (MS) - Get Report which following its purchase of Eaton Vance lifts its asset-management division to above $1 trillion in client assets.

Scharf, who took over the helm at Wells Fargo a year ago, told analysts following the bank's earnings report that he is exploring various options to streamline operations and improve the bottom line -something he plans to outline in more detail in January.

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