After Scandal, Customers Turn Their Backs on Wells Fargo
Wells Fargo is back in the news, this time reporting a decrease in the number of new accounts opened with the banking giant.
Bob Ryan at Business Insider reviewed Thursday’s report and found both a decrease in new customers and difficulties with current customer retention:
The downturn did not come as a surprise. After news broke that Wells Fargo had initiated as many as 2 million accounts without customers' knowledge, former CEO and chairman John Stumpf testified before a congressional committee twice before ultimately stepping down.
Wells Fargo did find a silver lining, though. The company reported debit point-of-sale transactions were up and credit point-of-sale transactions were unchanged. (Yay?)
Want to learn more about the state of the bank? Check out Ryan’s previous article “The Wells Fargo Scandal Is Far From Over.”