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Parth Panchal

Wells Fargo Credit Card Applications Plunge 55% Amid Account Scandal

WFC

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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.

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