Wells Fargo to buy a Comerica retirement business
Wells Fargo & Co, which will soon learn whether it will be required to raise more capital, said on Monday it agreed to buy a retirement plan record keeping business from Comerica Inc. The fourth-largest bank is acquiring Comerica Bank's proprietary retirement services business, which provides record keeping services to 250 retirement plans with nearly 100,000 participants, and manages $3.4 billion of assets.
Wells Fargo & Co., San Francisco, is freezing its cash balance pension plan, making it one of the largest employers to do so.