Wells Fargo Private Bank has grown to 49 advisors in New York’s metro region from seven last year. The hires are part of the San Francisco-based bank's efforts to expand in Eastern markets it acquired in 2008 when it acquired Wachovia, Reuters reports.

"Given the legacy of both Wells and Wachovia in New York, these were fairly de novo build-outs. Neither one of us had established beachheads for a long, long period of time here in New York," Wells Fargo Private Bank chief executive Jay Welker said at the Reuters Global Private Banking Summit.

The tri-state region around New York City is fairly new territory for Wells Fargo, he said, but it is the nation's largest center of wealth. Welker says Wells has found success luring industry veterans.

Welker acknowledged the New York area is a highly competitive market. "We clearly think we've got something to add and that we can continue to become an increasingly relevant player in this marketplace," he said. "We are not one of those places that is changing business strategies every 18 months, in search of a new or better direction."