Wells Fargo & Co (WFC  ) is set to slim down considerably with its asset management division's selloff to private equity firms. The divestiture is part of a larger effort to downsize and streamline the bank.

Wells Fargo Asset Management is set to be sold to GTCR LLC and Reverence Capital Partners to the tune of $2.1 billion, the bank announced on Tuesday. At the time of the announcement, the division had around $603 billion in assets under its control. As part of the deal, Wells Fargo will retain a 9.9% stake in the resulting independent company.

"This transaction reflects Wells Fargo's strategy to focus on businesses that serve our core consumer and corporate clients, and will allow us to focus even more on growing our wealth and brokerage businesses," said the head of Wells Fargo Wealth and Investment Management Barry Sommers.

The aftermath of the accounts scandal hasn't been kind to Wells Fargo, which has seen significant divestitures by clients such as the State of California and the cities of Chicago and Philadelphia and being hit with an asset capacity of $2 trillion by the Federal Reserve. The growth cap, in particular, has stunted Wells Fargo's recovery and has been a driving force behind the bank's downsizing operations.

Wells Fargo made its first significant downsizing decision in December when the company spun off its student loan division to Apollo Global Management (APO  ) and The Blackstone Group (BX  ). The company's asset management division's recent divestment may not be the last division to be spun off or reduced to help the company recover. However, the Fed has approved Wells Fargo's plans for an overhaul, which is another step towards removing the recovery-hampering growth cap.

Wells Fargo's announcement drove shares down slightly on Tuesday, by a slim .32%, but the rest of the week didn't pan out much better for the bank. Shares reached a peak for the five-day period on Thursday at $38.63 before sliding 6.9% to a low of $35.98 on Friday.