Wells Fargo & Co. has announced that it will exit the personal insurance business and immediately begin winding down marketing and product promotion activity.
The company said in a statement that the decision came after a strategic assessment of the business, which began in early October 2017.
|Align strategic goals
"Wells Fargo continually reviews our product and service offerings to ensure they meet our customers' needs and align with the company's long-term strategic goals," said Laurie Nordquist, head of personal insurance. "The decision to exit the personal insurance business reflects these practices, and we will wind down operations in a measured and responsible way for our existing customers."
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