Wells Fargo & Company (NYSE:WFC) today announced it has entered into a definitive agreement to sell the assets of the company's rail equipment leasing business to a newly formed joint venture between GATX Corporation and Brookfield Infrastructure. The transaction is expected to close in Q1 2026 or sooner, subject to satisfaction of customary closing conditions.
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Facade of a Wells Fargo bank branch in Manhattan (Photo: Wells Fargo)
"This transaction is consistent with Wells Fargo's ongoing strategy of simplifying our businesses and focusing on products and services that are core to our clients," said David Marks, Executive Vice President with Wells Fargo Commercial Banking.
The sale includes Wells Fargo's entire portfolio of rail operating lease assets, representing a book value of approximately $4.4 billion, as well as the rail finance lease portfolio. The sale is not expected to have a material impact on Wells Fargo's financial position or earnings.
Wells Fargo Securities, LLC served as exclusive financial advisor, and Simpson Thacher & Bartlett, LLP served as legal counsel to Wells Fargo in connection with the transaction.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
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This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.
News Release Category: WF-CF
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