The transaction comes as the megabank is determined to simplify its operating model and shed units that have slower growth prospects or aren't core to its business.

The bank will sell its rail operating lease assets to a joint venture between GATX and Brookfield Infrastructure.

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.