U.S. President-elect Donald Trump looks on as Wilbur Ross departs after their meeting at Trump National Golf Club in Bedminster, New Jersey, U.S., November 20, 2016. REUTERS/Mike Segar

WASHINGTON (Reuters) - President-elect Donald Trump is expected to select Wilbur Ross Jr as secretary of the Commerce Department, the Wall Street Journal reported on Wednesday, citing two people familiar with the deliberations.

Ross, 78, is the billionaire chairman of private equity firm W.L. Ross & Co, which is known for buying up failed companies.