wells 03Wells Fargo bleeding continues: New account openings dive 41%


This is a money.cnn.com article.


Wells Fargo continues to suffer repercussions from the bank’s tarnished reputation in the wake of the fake account scandal.

New customer checking account openings plunged 41% in November compared with last year, the bank said on Friday. They fell 9% from the previous month.

That signals a continued slump after Wells Fargo’s $185 million settlement on September 8 with regulators for illegal sales activity.

It’s not a surprise, given that Wells Fargo’s reputation with customers has tanked after the scandal, and allegations of mistreating employees. The drop in account openings can also be tied to the fact that Wells Fargo has scrapped the unrealistic sales goals that led workers to open several accounts for each customer. Many former workers say that was what led to the illegal tactics in the first place.

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