(Reuters) - Wells Fargo & Co is in exclusive talks to sell its asset management business, which manages more than $607 billion on behalf of customers, to a private equity consortium led by GTCR LLC and Reverence Capital Partners LP, according to people familiar with the matter. The divestment would represent the U.S. bank’s biggest shake-up since former Bank of New York Mellon Chief Executive Charles Scharf joined as CEO in 2019. The exact price being negotiated could not be learned, but Reuters previously reported that Wells Fargo was seeking more than $3 billion for the unit. The talks could still end without a deal, the sources said, requesting anonymity because the matter is confidential. Wells Fargo declined to comment. Chicago-based GTCR and New York-based Reverence did not respond to requests for comment. The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. He has been cutting costs and shedding noncore businesses. Earlier on Thursday, Wells Fargo announced a deal to sell its Canadian direct equipment finance business to Toronto-Dominion Bank. Last month, Wells Fargo said it would sell its private student loan portfolio to a group of investors. The bank is scheduled to report fourth-quarter earnings on Friday, and Scharf is expected to unveil a new strategic plan for the bank. Reverence Capital, co-founded by Goldman Sachs alum Milton Berlinski, and GTCR have been active in acquiring businesses in the asset management sector. In 2019, Reverence bought 75% of Phoenix-based independent financial advisory firm Advisor Group Inc, while last year GTCR took a minority stake in Raleigh, North-Carolina’s CAPTRUST Financial Advisors, which valued the registered investment adviser at $1.25 billion.