San Francisco-based bank Wells Fargo & Co. (WFC - Free Report) is still struggling to recover from their scandal over bogus accounts; the September 2016 discovery involved employees opening up to two million accounts and deposits without customer consent.
Wells Fargo reported on Monday that February credit card applications were about 200,000, a 55% decline when compared to a year ago, making it their largest slump since the account scandal. Openings of checking accounts fell 43% to around 300,000.
With the account scandal costing Wells Fargo at least $200 million and a great deal of public critique, the bank was able to find a bit of growth in February. Small business and average consumer deposit balances increased by 6% to $761.4 million, and their customer loyalty scores rose for the fourth consecutive month to 57.6%.
“It will take time for us to work through the changes we are making in our business, but we remain focused on strengthening our relationships with existing customers and building new ones with potential customers,” said Mary Mack, head of community banking at Wells Fargo.
Zacks' 2017 IPO Watch List
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
San Francisco-based bank Wells Fargo & Co. (WFC - Free Report) is still struggling to recover from their scandal over bogus accounts; the September 2016 discovery involved employees opening up to two million accounts and deposits without customer consent.
Wells Fargo reported on Monday that February credit card applications were about 200,000, a 55% decline when compared to a year ago, making it their largest slump since the account scandal. Openings of checking accounts fell 43% to around 300,000.
With the account scandal costing Wells Fargo at least $200 million and a great deal of public critique, the bank was able to find a bit of growth in February. Small business and average consumer deposit balances increased by 6% to $761.4 million, and their customer loyalty scores rose for the fourth consecutive month to 57.6%.
“It will take time for us to work through the changes we are making in our business, but we remain focused on strengthening our relationships with existing customers and building new ones with potential customers,” said Mary Mack, head of community banking at Wells Fargo.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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