Wells Fargo, which bought Wachovia during the financial crisis, may now focus on buying brokerages, according to recent comments made by the firm’s chairman and chief executive John Stumpf to Dow Jones.

Stumpf would like to increase the bank’s share of the nation’s household wealth it holds, currently at 2 per cent (compared to 10 per cent of deposits), possibly through an acquisition, according to the report.

The comments were confirmed by a spokesperson when contacted by Family Wealth Report.

"In the wealth and retirement business, we are sub-optimized," Stumpf told the publication. "If we could jump a curve with the right deal, that's great."

He cited households’ growing desire and need to save following the financial crisis, as well as the fact people are living longer, as some of the factors driving demand for more investment products. There is also an “emerging affluent” population, who have recently become wealthy and need investment advice, Stumpf added.

He also mentioned that the bank would consider an online broker.

Wells Fargo bought Wachovia back in 2008, and the combined entity is one of the giants of the US brokerage landscape. The bank reported revenue and profit from its wealth, brokerage and retirement business of $3 billion for the fourth quarter of last year, up 15 per cent year-over-year. Net income in the fourth quarter was $197 million, up by $213 million from Q4 2009, which included an auction rate securities settlement.

In other recent news about the firm, its private banking division has hired Hugh Mohler to develop its business in the Greater Baltimore, Maryland area. Mohler is charged with overseeing the bank’s efforts to attract and service clients with at least $1 million in assets, as well as building its team of private bankers. According to the Baltimore Business Journal, Mohler is a former CEO of Bay National Bank, which failed in 2010.