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Wells Fargo to stop selling personal insurance

Wells Fargo & Co. WFC, +3.00% said late Tuesday it will stop providing personal-insurance products by early next year, in keeping with its goal to simplify and streamline its product lineup. The bank, which has offered auto, homeowners, renters and umbrella personal insurance products since 2003, said it will wind down operations "in a measured and responsible way" for existing customers and it expects to complete the exit in the first quarter. The personal insurance business is the last remaining insurance brokerage agency in Wells Fargo's portfolio, and its financial contribution was not material to the company, the bank said in a statement. The decision does not impact Wells Fargo's Wealth and Investment Management's life insurance practice, it said. Shares of Wells Fargo fell 0.2% in late trading Tuesday after ending the regular session up 3%.


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