In an interview with the Wall Street Journal, CEO John Stumpf said that Wells Fargo's wealth and retirement business is "suboptimized" and that he intends to grow the business as quickly as possible.
"If we could jump a curve with the right deal, that's great," Stumpf said, according to the paper.
Wells significantly bolstered its brokerage ranks with the acquisition of Wachovia over two years ago. The combined brokerage franchise, known as Wells Fargo Advisors, touts 15,000 brokers, ranking No. 3 behind Morgan Stanley Smith Barney (MS) and Bank of America-Merrill Lynch (bac).Those three players are targeting the so-called "mass affluent" segment of the population, while others, like Citigroup (C), JPMorgan Chase (JPM) and Goldman Sachs (GS), are placing a greater emphasis on high net worth individuals.
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