Wells Fargo's (WFC) Technology Banking team said Monday it increased its bankers by 20% over the past year and expects to hire more this year.

The expansion was driven by growth in the US tech space, including a rise in IT spending and investments in artificial intelligence, the team said.

Separately, Bloomberg reported Monday Wells Fargo plans to hire about 10 more bankers for the tech team, after adding about 20 in 2024.

"We have been quietly growing as we attract relationships," the report quoted Tom Harper, who leads the team, as saying in an interview. "We'll continue to invest in this space and we continue to convert prospective customers into relationship clients."