Article by By Ken Sweet (c) Business and Technology News - Read full story here.
Wells Fargo still feeling impact of sales practices scandal
March 20, 2017
Wells Fargo is still seeing fewer people at its bank branches as well as a decline in checking account openings as the scandal over its sales practices takes its toll. Wells Fargo said Monday that customers opened 40 percent fewer checking accounts per day last month, compared with a year earlier, while the number of customer interactions with branch bankers per day was down 17 percent. Credit card applications also fell sharply, dropping by 53 percent. The San Francisco company has been working to restore customers’ trust since it was discovered that in order to meet lofty sales goals, employees had opened up to 2 million bank and credit card accounts without customer authorization. To give investors and the public information on the scandal’s impact on business, the bank began providing monthly updates in September.