In its press release, Wells Fargo said it was announcing "an increased focus on serving the growing segment of individuals and families with $50 million or more in assets, as well as their foundations and endowments."
Deem said many of Wells Fargo's clients in the ultra high net worth segment are self-made individuals who started their own businesses and have been "highly successful in creating jobs and promoting economic development."
"As Baby Boomers prepare to retire, many of them are ready to transfer their businesses to the next generation, or look for other exit strategies," she said. "Wells Fargo is in a position to help them effectively make this transition, which often enables those businesses to continue operating in a way that's good for the economy."
Deem said the banks also helps clients determine how to use their wealth "in a positive way for their families and communities."
"Our clients are very generous in sharing their wealth through foundations, charitable causes and/or community organizations in which the family has an interest, and we're pleased to help make that possible," she said.
Deem said Wells Fargo serves one in three households in America, with "customers across all demographic segments and continually looks for ways to improve those services," and the bank is "listening to its customers and taking many steps to keep people in their homes and lend to businesses who are trying to grow and provide jobs."