Wells Fargo's Checking Account and Credit-Card Openings Keep Falling
March 20 2017 - 1:09PM
Dow Jones News
By Emily Glazer
Wells Fargo & Co. said Monday that its customer
checking-account and credit-card openings fell drastically in
February versus a year earlier, a continuing trend for the bank
following last year's sales-practices scandal.
The San Francisco-based bank said checking-account openings fell
43% year-over-year to around 300,000 while new credit-card
applications fell 55% from a year-earlier to around 200,000.
But the bank did continue to make progress in average consumer
and small-business deposit balances. These were up 6%
year-over-year to $761.4 million along with rises in credit-card
purchase volume.
The bank's customer loyalty scores rose for the fourth
consecutive month, at 57.6% but is still down from 62.1% a year
earlier.
Wells Fargo has been reporting monthly customer metrics since
its scandal erupted in September. The bank's chief executive,
Timothy Sloan, said it is part of its "ongoing commitment to
transparency." The bank will provide its next update in April.
Mary Mack, head of retail banking, added that it will take "time
for us to work through the changes we are making in our
business."
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
March 20, 2017 12:54 ET (16:54 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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