Wells Fargo Agrees to Sell Railcar Assets to Brookfield, GATX

Wells Fargo & Co. agreed to sell the assets of its rail equipment leasing business to a venture between Brookfield Infrastructure Partners and GATX Corp. as the bank continues to refocus on its core lending and advisory businesses.

The sale includes Wells Fargo’s portfolio of rail operating lease assets, which have a book value of about $4.4 billion, as well as its rail finance lease portfolio, the bank said Thursday in a statement. The deal, which isn’t expected to materially impact earnings, should close by early next year, it said.

Wells Fargo Chief Executive Officer Charlie Scharf outlined plans ...