Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» I am too pretty for math, but....
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeWed Jun 12, 2024 6:56 pm by Mission1st

» Interesting article
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeWed Jun 12, 2024 6:34 pm by Mission1st

» Phony Tony: New Platform, same old song and dance
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeWed Jun 12, 2024 6:32 pm by Mission1st

» The Craziness of Scam by "Tony TNT Renfrow" and the Iraqi Dinar Currency Scam
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeTue Jun 11, 2024 12:26 pm by Mission1st

» Even conspiratorial currency speculators aren’t buying a Russian ruble revalue - It’s not the next the Iraqi dinar
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeMon Jun 10, 2024 1:04 pm by RamblerNash

» Go Russia
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeSat Jun 08, 2024 5:20 am by Dorotnas

» The Fundamentals of Finance and Pimpy Live
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeFri Jun 07, 2024 5:02 pm by Dorotnas

» Carnival Rides
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeFri May 10, 2024 5:03 pm by kenlej

» Go Russia
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeSun May 05, 2024 10:51 am by kenlej

» Textbook Tony
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeMon Apr 29, 2024 4:13 pm by Mission1st

» The Rockefellers and the controllers are freaking out right about now
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeFri Apr 26, 2024 11:16 am by kenlej

» Phony Tony sez: Full Steam Ahead!
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeSat Apr 13, 2024 11:51 am by Mission1st

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeSat Apr 13, 2024 11:45 am by Mission1st

» Russia aren't taking any prisoners
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeFri Apr 05, 2024 6:48 pm by kenlej

» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeWed Mar 27, 2024 6:02 am by Ditartyn

» ZIGPLACE
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

»  Minister of Transport: We do not have authority over any airport in Iraq
Wells Fargo’s long-term customer problem is getting worse I_icon_minitimeMon Mar 04, 2024 11:40 am by Verina

Wells Fargo’s long-term customer problem is getting worse

2 posters

Go down

Wells Fargo’s long-term customer problem is getting worse Empty Wells Fargo’s long-term customer problem is getting worse

Post by Ssmith Fri Jan 13, 2017 8:39 pm

Wells Fargo’s long-term customer problem is getting worse


In its first full quarter after its fake account scandal, in which 5,300 employees were fired for creating up to 2 million deposit and credit card accounts for people without their permission, Wells Fargo (WFC) posted some grim numbers that finally show how consumers have responded.


The bank’s financials missed analyst expectations, due to hedging issues, recording $5.27 billion in profit, or 96 cents a share, versus an expected $5.58 billion, or $1 per share. (Revenue similarly missed, coming in at $21.9 billion -wells-fargo-reports.html]against an estimate of $22.45 billion). However, the story bigger than the tepid earnings report were the numbers that showed just how wary consumers still are in the aftermath of the scandal.



Steep drop in new credit card openings

One troubling line from the earnings report out Friday showed December credit card openings fell by a whopping 43% from a year earlier—and a 7% drop from the previous month. This echoes the similarly bad third-quarter performance. 

Wells Fargo’s long-term customer problem is getting worse 41cf6af3b2ac78cfa95f18468d9f6a1b


Wells Fargo missed expectations in its fourth quarter earnings for 2016. Source: Reuters


Despite the bad PR and third quarter consumer credit card signup woes, investors have enjoyed a 23% climb in the stock since the September fallout, benefiting from the same post-election run-up most of the financial sector has seen. Wells Fargo shares were up slightly in early trading Friday.

Checking account openings vs. closures

On the deposit account side, checking account openings were similarly down 40% from December 2015. However, they did rise a modest 2% from November. At the same time, December checking account closures fell by 4%—a bit of good news for the bank’s customer retention efforts.


Unfortunately for the bank, lower account openings and closings were canceled out as some consumers simply stopped using their checking accounts—canceling without canceling. From November to December, active checking customers fell from 23.6 million to 23.5 million, which means 100,000 people stopped using their Wells Fargo checking accounts. (Despite the month-to-month attrition, year-over-year activity was up 3%). But overall balances grew slightly, to $753 billion, better than pre-scandal numbers.


Though the bank just launched an overhaul of its employee compensation structure, which got the it into trouble in the first place, it appears as if there’s still a lot of healing to be done.


http://finance.yahoo.com/news/wells-fargo-is-still-losing-a-lot-of-customers-q4-earnings-report-shows-153310070.html

*****************
>>>TNTBS's YouTube Channel<<<
Ssmith
Ssmith
GURU HUNTER
GURU HUNTER

Posts : 20495
Join date : 2012-04-10

Back to top Go down

Wells Fargo’s long-term customer problem is getting worse Empty Re: Wells Fargo’s long-term customer problem is getting worse

Post by Kevind53 Sat Jan 14, 2017 12:03 am

But these are the guys that are gunna spearhead the GCR ... unhuh ... sure....

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

 Wells Fargo’s long-term customer problem is getting worse 2805820865  Wells Fargo’s long-term customer problem is getting worse 2805820865  Wells Fargo’s long-term customer problem is getting worse 2805820865  Wells Fargo’s long-term customer problem is getting worse 2805820865
Kevind53
Kevind53
Super Moderator
Super Moderator

Posts : 27254
Join date : 2011-08-09
Age : 24
Location : Umm right here!

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum