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Wells Fargo Says Customers Shied Away After Scandal

If more people refuse to do any further business with Wells Fargo that will hurt their bottom line and hopefully they will get the message and truly clean up their act.

Justice League

Wells Fargo disclosed on Friday that new account openings had taken a nose-dive since the scandal over illegal activity at the bank erupted: Bank executives said customers opened 25 percent fewer checking accounts and applied for 20 percent fewer credit cards in September compared with a year ago.

Wells Fargo executives acknowledged that customers may have shunned the bank as the extent of the problems came to light. Timothy J. Sloan, who was named the chief executive on Wednesday, said on the company’s third-quarter earnings call that he understood the gravity of the situation.

Read on.

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