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After Scandal, Customers Turn Their Backs on Wells Fargo

After Scandal, Customers Turn Their Backs on Wells Fargo

Angela Colley

Photo by Justin Sullivan/Getty Images News / Getty Images

Photo by Justin Sullivan/Getty Images News / Getty Images

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:

“In a release Thursday, the bank announced that the number of new accounts opened in October fell by 27 percent from September and by 44 percent from October 2015.

Additionally, Wells said customer-initiated account closings increased by 3 percent over both the previous month and the same month in 2015.”

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.”

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