Wells Fargo (WFC) Looking to Expand Wealth Management Unit

Wells Fargo (NYSE:WFC) CEO John Stumpf said in an interview that the wealth and retirement business of the company is "suboptimized" is has targeted the segment to fast growth.

The implication is he's looking for an acquisition to jump-start the division, although if he had to he would hire more and push out the existing business if he has to; although that would take a little longer.

"If we could jump a curve with the right deal, that's great," Stumpf said in an interview with the Wall Street Journal.

At this time Wells is the number three brokerage among those targeting what is identified as the "mass affluent" segment, behind Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC).

Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) on the other hand, target a more high net worth clientele.

If Stumpf is interested in a specific brokerage at this time, he's not letting anyone know which one it is.