In a report posted on its website, the paper said Wells Fargo had informed potential buyers of Evergreen that it would not sell the money-management firm.
The bank is likely to keep Wachovia's investment banking unit, although in a smaller form, even though market observers had predicted that Wells Fargo would sell the business, the Post reported.
Wells Fargo would also continue to keep Wachovia's retail brokerage division as talks with UBS
Efforts by Reuters to reach Wells Fargo for comment outside regular business hours were unsuccessful.
(Reporting by Vikram Subhedar in Bangalore; Editing by Rupert Winchester)