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Account openings, card applications tumble at Wells Fargo

Published 11/17/2016, 09:15 AM
Account openings, card applications tumble at Wells Fargo
WFC
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  • The new Wells Fargo (NYSE:WFC) is now reporting monthly retail banking activity.
  • Customer Interactions: Customer interactions with tellers were down 10% Y/Y in October as clients move to mobile, where digital sessions were up 7%. Branch banker interactions fell from September and Y/Y thanks to a slowdown in new account openings.
  • Deposit Balances and Accounts: Average consumer and small business deposit balances flat from September and up 8% Y/Y. Consumer account openings down 27% M/M and 44% Y/Y.
  • Debit and Credit Cards: Applications down 35% M/M and 50% Y/Y.
  • Customer Experience Surveys: Loyalty scores slipped both M/M and Y/Y.
  • Shares -0.45% premarket


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