Home / banks / Wells Fargo sees huge drop in new accounts since scandal quoting : “SFGate”

Wells Fargo sees huge drop in new accounts since scandal quoting : “SFGate”

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This article will discuss three reasons why JPMorgan is a better bank dividend stock than Wells Fargo.
Many of them, including Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM), slashed their dividends during the Great Recession.
But the good news is, several big banks pay above-average dividend yields, and have returned to regular dividend growth.
Wells Fargo received a $185 million fine because the company opened millions of accounts for its customers without their consent.
If Wells Fargo stock were trading at a significant discount to JPMorgan, it could be the better pick based on valuation.

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Wells Fargo still feeling impact of sales practices scandal

Wells Fargo still feeling impact of sales practices scandalNEW YORK (AP) — Wells Fargo is still seeing fewer people at its bank branches as well as a decline in checking-account openings as the scandal over its sales practices takes its toll.
Wells Fargo CEO Tim Sloan said last week that he believes that the impact of the scandal had “bottomed out” in December, and that customers were starting to return to the bank.
In order to give investors and the public information on how the scandal has impacted Wells’ business, the bank began providing monthly branch activity updates starting in September.
It’s the biggest scandal in the bank’s 164-year history and led to the abrupt retirement of its CEO, John Stumpf.
Wells Fargo said Monday that customers opened 40 percent fewer checking accounts per day last month compared to a year earlier, while the number of customer interactions with branch bankers per day was down 17 percent.

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