Wells Fargo to Sell Sites to Regulus

Wells Fargo & Co. said it will sell 11 remittance processing sites to Regulus Group, cutting 449 jobs in 10 states, not including California. Terms of the sale weren’t disclosed. Philadelphia-based Regulus, which manages all forms of customer payment transactions, will be responsible for facilities, equipment, employees and other assets. Wells Fargo will control other services, such as check clearing. The companies will share revenue and plans for product development. The alliance will provide services under the name Wells Payment Express. Most of the job cuts will be made in the Midwest, and some Wells Fargo employees will join Regulus. Shares of San Francisco-based Wells Fargo rose $1.06 to close Thursday at $41.81 on the NYSE.