Wells Fargo Decides to Keep Its Private-Label Credit Card Unit

Wells Fargo & Co. is opting to keep its private-label credit card unit after reaching out to potential buyers last year, according to a person with knowledge of the matter.

The unit strikes agreements with retailers so that shoppers can buy merchandise such as jewelry, appliances and furniture on credit. Even after San Francisco-based Wells Fargo had started to reach out to possible bidders, the lender hadn’t made a final decision on a sale, people familiar with the talks said in November.

Chief Executive Officer Charlie Scharf, who took over in late 2019 with a mission of overhauling the ...