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.

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.

Wells Fargo said on Thursday it has signed a deal to sell its rail equipment leasing business to a newly formed joint venture between railcar lessor GATX Corporation and Brookfield Infrastructure .