For Wells Fargo & Co. — a new regional wealth management structure and continuing merger and acquisition buzz surrounding the firm — could shift its role in the industry.

The changes come as Wells Fargo is set to mark the three-year anniversary of its acquisition of Wachovia Corp., later this year. The firm cited the ongoing integration as reason for reducing its regional offices from 12 to seven in May. The firm is also on the hunt for possible acquisitions, in what Wells Fargo Chief Executive John Stumpf called "sub-optimized" wealth management businesses.

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