Wells is betting that Amazon will be more than willing to buy the home improvement business it has been struggling to grow.
The Wall Street Journal reported Wednesday that Wells Fargo is buying the home security company Titan, which makes security cameras.
It would be the second time the company has bought a home security business in the past few years, following an acquisition by security provider Pivotal in 2013.
Wells Fargo bought the security company last year for $1.9 billion.
“We’ve seen this sort of consolidation in the home business,” a Wells spokesman told the Journal.
“We believe this consolidation will accelerate Amazon’s dominance in the sector.
We believe Amazon will take this business and accelerate it in a way that allows Wells Fargo to continue to grow our portfolio of investments.”
Titan was acquired by Amazon in 2015 for $900 million, and the company says it is in talks to acquire the security firm.
Wells is the second Wall Street firm to make a bet on Amazon, following a $5 billion bet in 2014 by Morgan Stanley on Amazon’s cloud computing business.