U.S. retirement plan administrator Principal Financial Group said on April 9 it would buy Wells Fargo & Co.’s retirement plan services business for $1.2 billion, as it seeks a larger presence in markets serving mid-sized companies.
The move, first revealed last month by Reuters, marks the latest divestment from Wells Fargo, which has been streamlining its business as it grapples with the fallout of customer abuse scandals.
