1. Wells Fargo New Accounts Plunge after Scandal

    Wells Fargo New Accounts Plunge after Scandal

    SAN FRANCISCO — New account openings at Wells Fargo plunged in October, the first full month after the bank became mired in a scandal linked to bogus accounts opened without the permission of its customers, the financial services giant reported Thursday. Wells Fargo said consumer checking account openings fell 27 percent in October, compared with September activity. Account openings also were down 44 percent compared with October 2015...

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    1. As expected, we continued to see declines in new account openings.
    2. Wells Fargo was a bank on steroids that amassed greatly inflated numbers.
    3. We are focused on strengthening our relationships with existing customers and building new ones with potential customers.
    4. These problems are going to persist for several quarters.
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