Wells Fargo to sell asset management business for $2.1bn

SourceArab News
SectorFinancial Services
CountryMiddle east

Wells Fargo & Co. said on Tuesday it had agreed to sell its asset management business, which manages more than $603 billion on behalf of customers, to private equity firms GTCR LLC and Reverence Capital Partners for $2. 1 billion. DUBAI: Remittances from overseas Filipino workers (OFWs) in the Gulf region will remain depressed until 2022 as the financial impact of the coronavirus pandemic lingers.

"More than 400, 000 domestic workers were sent to the Middle East, representing 70 percent of new hires in both years," Geslani said, in a report from business daily BusinessMirror. Remittances from overseas Filipino workers slipped 0. 8 percent to $29. 903 billion in 2020 from the $30. 133 billion registered in 2019 as money sent from Saudi Arabia, the UAE and Kuwait went down. There has been an exodus of expatriate workers from Gulf countries with the economic fallout from COVID-19, although credit ratings agency Standard & Poor's in a report expects foreign...read more...