Wells Fargo & Co. is exiting its wealth management business outside of the U.S., AdvisorHub reported, citing spokeswoman Shea Leordeanu and an internal memo.

The bank's decision comes on the heels of regulatory and other constraints over its fake-accounts scandal, the news outlet noted.

Jim Hays, head of the bank's wealth and investment management division's client relationship group, told employees in a Jan. 7 email that the move is part of the bank's efforts to curb risk, according to the report.

Wells Fargo will focus on meeting its regulatory requirements, managing risk and simplifying operations, Leordeanu told the news outlet, adding that servicing of active-duty U.S. military and U.S. government employees stationed abroad will not be affected.

A person familiar with the matter said Wells Fargo expects it to take at least nine months to close down its international accounts, according to the report.

Despite the lifting of a 2015 consent order over Wells Fargo's Bank Secrecy Act/anti-money laundering compliance program, the banking giant still has "a significant amount of work ahead," and it is committing "the necessary resources" to the effort, CEO Charlie Scharf said, according to the report.