President Barack Obama took a tough stance against Wall Street and the banking industry on Wednesday, calling for more regulation and a crackdown on banks that accept "big risks because the profit incentive and the bonus incentive is there for them."

During an interview with the Marketplace radio show Wednesday morning, President Obama stated that Wall Street is in need of "further reforms" and that too much focus is on making profits through big banks' trading desks rather than investing in companies and the "real" economy.

"As the financial sector has grown, more and more of the revenue generated on Wall Street is based on arbitrage -- trading bets -- as opposed to investing in companies that actually make something and hire people," Obama said, according to a transcript, reports Business Insider.

"Right now, if you are in one of the big banks, the profit center is the trading desk, and you can generate a huge amount of bonuses by making some big bets; you will be rewarded on the upside," said Obama according to Politico. "If you make a really bad bet, a lot of times you've already banked all your bonuses. You might end up leaving the shop, but in the meantime everybody else is left holding the bag."

The president went on to praise the 2010 Dodd-Frank law which implemented policies to prevent another financial crisis, but he added that more can be done.

"Now what we've been able to do is to try to prevent taxpayers from being the folks who are left holding the bag. But it's still not a real efficient way for us to run a financial system. That's going to require some further reforms. That's going to require us looking at additional steps that we can take," Obama said.

Obama added that he instructed his economic team to look at ways to "grow the real economy" and shift profit incentives away from the riskier financial behaviors.

"And so what I've said to my economic team is that we have to continue to see how can we rebalance the economy sensibly, so that we have a banking system that is doing what it is supposed to be doing to grow the real economy, but not a situation in which we continue to see a lot of these banks take big risks because the profit incentive and the bonus incentive is there for them," he said. "That is an unfinished piece of business."

In the interview, Obama described the law as intended "to prevent another catastrophic financial crisis. It wasn't expected that it was going to solve all the problems."