Wells Fargo Sells Asset-Management Business
Wells Fargo has sold its asset-management business to private equity firms for $2.1 billion. Reuters describes the sale to GTCR LLC and Reverence Capital Partners as the biggest shake-up at the bank since Charles Scharf joined as CEO in 2019. For more, we turn now to Tony Mecia of the Charlotte Ledger Business Newsletter.
Marshall Terry: Tony, this seems like a big deal. What does it mean for Charlotte, exactly?
Tony Mecia: Yeah, I mean, $2.1 billion sounds like a pretty healthy chunk of change, I think, Marshall. I mean, this is part of the Wells Fargo strategy. They're trying to make some changes. They've been under a lot of pressure over the last few years to kind of shake up the way they do things. They're trying to cut some costs. They're trying to streamline some things, and so I think this is part of that.
This is sort of one of their bigger efforts selling off this asset management business — which, for people who might not understand, this is a line of business that manages stocks and investments of wealthy people. You know, as far as the effect on Charlotte, a lot of these Wells Fargo businesses, like a lot of bank businesses, are kind of spread throughout the country. It's hard really to know how many jobs are here, but there are certainly a lot of people paying attention to it.
Terry: Here's something I found interesting the Ledger reported this week: the Mecklenburg County ABC Board is exploring the possibility of online ordering and curbside pickup.
Mecia: Yes, there was an item on the ABC board's agenda last week that was listed as "Online Ordering-Curbside Pick-up Messaging/Plan Strategy Overview." So, that sort of sounds like something is in the works. I called over there, sent a number of emails trying to get some details on what exactly that is. And the ABC board spokeswoman got back to me and said that they have nothing to share on that at the moment, but when they have something to share, they will be sure to let me and other media know.
A lot of retailers are making this switch to try to streamline things and try to make things maybe a little safer in their stores for people who are uncomfortable going into stores. So, it's sort of under the heading of trying to improve some customer service.
Terry: Sticking with changes wrought by the pandemic, you looked into how sales tactics have changed for Girl Scout cookies. It is that time of the year. So, how are they adapting?
Mecia: Well, Marshall, like a lot of other businesses, the Girl Scouts are having to pivot, having to adapt in how they do things. With Girl Scouts, we're seeing a lot of the sales move online. In the Ledger, we talked to a number of Girl Scout leaders who are saying that they're encouraging the Girl Scouts this year to use an online link to a platform called Digital Cookie, which allows people to place those Girl Scout cookie orders online.
Traditionally, Girl Scouts go door to door. They set up in front of a grocery store. This year, that's kind of out because of the pandemic, so it's going online. They're creating jingles and videos, so they're getting a little bit creative in how they push these Thin Mints and Trefoils.
Terry: On to some sports quickly. Fans are complaining about prices for tickets for Charlotte FC, the city's new Major League Soccer team. How expensive are they?
Mecia: The team released ticket prices and the location of the seats for when it starts play next year. And it works out to between $27 and $110 a game for season ticket holders, with club seats going up to $125 a game. That's not that expensive if you compare it to, say, the Panthers' ticket prices Marshall. But WBTV talked to some fans, looked at some of the social media posts and said that a lot of people were complaining about the fact that in order to get the season tickets, you have to pay a one-time permanent seat license fee — a PSL — of between $350 and $900.
While those are commonplace in American football, not so much in European football — or soccer. So, a lot of people were saying that that's just too much money. People online were calling it absolutely insane — really didn't like the fact that they were being charged one-time PSL fees.
Terry: Let's end on some real estate news. There's a house for sale in Dilworth that reportedly would be the most expensive ever sold in Charlotte if the asking price is met. How much are we talking here?
Yeah, according to Axios Charlotte, which is the new version of Charlotte Agenda, there's a house in Dilworth on the market — 5,800 square feet. The asking price is $6.95 million. It has five beds, five and a half baths, six fireplaces. Sounds pretty nice. It was built for the former CEO of Mattel, who tragically died in a car crash last year, Marshall.
Terry: All right, Tony. Thank you.
Mecia: Thanks, Marshall.