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Wells Fargo sells retirement, trust business for $1.2B

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Wells Fargo Bank, a subsidiary of Wells Fargo & Co. (NYSE: WFC), agreed to sell its retirement and trust business.

Des Moines, Iowa-based Principal Financial Group (NASDAQ: PFG) signed on to buy Institutional Retirement and Trust for $1.2 billion.

Institutional Retirement and Trust handles retirement plants, deferred compensation services, trust accounts and asset advisory.

Read more from the Minneapolis/St. Paul Business Journal.

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