Wells Fargo (WFC  ) recently stated that it is considering restructuring and possibly even combining two of its retail brokerage businesses: wealth Brokerage Services and Private Client Group. The two divisions overlap as both employ financial advisers who work with affluent clients. The move to combine them will hopefully increase efficiency in these units. The Wealth Brokerage Services unit has around 3,400 brokers and the Private Client Group has about 9,500 brokers. In total, Wells Fargo has about 14,400 advisers, including those who work with wealthy individuals, but the majority are within retail brokerage. The wealth unit makes up about 9% of the overall bank profits, representing $714 million for the first quarter of 2018.

The Wealth Brokerage Services unit has come under Justice Department scrutiny for possible customer abuse. In late 2017, the Justice Department ordered the bank to conduct an independent investigation into the unit after a whistleblower made a variety of allegations, including that the bank has overcharged customers or inappropriately recommended them for investment vehicles that were inappropriate for their circumstances, such as rollover 401(k) plans and alternative ventures.

The details of this consolidation plan are still up in the air. The bank is thinking about cutting 1,000 jobs through this process as the two divisions currently have separate back offices and compliance staffs, which could be condensed. Wells Fargo Advisors spokeswoman Shea Leordeanu wrote in an email statement: "No final decisions have been made because that work continues. Whatever the outcome, we will continue to serve our clients across multiple channels - community bank branches, advisor-led branches, FiNet, online and by phone - because our clients expect that from us Wells Fargo." The bank has also thought about cutting around 100 regional offices and asking regional managers to reapply for their roles within the newly consolidated unit.

Jon Weiss, head of Wells Fargo wealth and investment management, is expected to elaborate on the plan's details during a town hall with brokers later this week.