Wells Fargo to expand insurance division

Wells Fargo is seeking to grow its insurance business to recoup profits lost in its lending division from lower interest rates.

Risk Management News

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Wells Fargo is seeking to grow its insurance business to recoup profits lost in its lending division from lower interest rates. The San Francisco based bank reduced the size of its insurance business a few years ago but the Wall Street Journal reports that it has been building it back up again in recent months. Revenue from the division is currently just 2 per cent of the bank’s total income but it is still one of the larger players in the sector compared to other US banks. It has 5,000 employees and places $9 billion in risk premiums annually. 
 

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