(Reuters) - Wells Fargo (WFC.N) said the asset management unit Evergreen Investments which it inherited when it bought Wachovia Corp was not for sale, even as it scales back Wachovia’s investment banking operation, the NY Post reported citing sources.
In a report posted on its website, the paper said Wells Fargo had informed potential buyers of Evergreen that it would not sell the money-management firm.
The bank is likely to keep Wachovia’s investment banking unit, although in a smaller form, even though market observers had predicted that Wells Fargo would sell the business, the Post reported.
Wells Fargo would also continue to keep Wachovia’s retail brokerage division as talks with UBS UBSN.VX (UBS.N) over a joint venture seem to have died down, the paper said citing sources.
Efforts by Reuters to reach Wells Fargo for comment outside regular business hours were unsuccessful.
Reporting by Vikram Subhedar in Bangalore; Editing by Rupert Winchester