Wells Fargo currently has only eight retail branches in the Chicago area, but the US bank intends to significantly grow its commercial and private banking operations in the area, the Chicago Tribune reported.

Wells Fargo, with about 50 commercial bankers in the Chicago area, plans to expand the number of staff by about 50 per cent over the next year, the publication said.

Its private bank team in Chicago has grown over the last three years from five to 35 workers. It estimates that its private bank, which serves clients with at least $3 million in investable assets, will employ 50 in Chicago by year-end, 80 by the end of 2011 and 150 by the end of 2012, the report added.