Wells Fargo still has work to do to win back the trust of American consumers.
In September 2016, employees at the third-largest US bank were accused of opening as many as 2.1 million accounts in customers’ names without their permission over half a decade. It’s been a costly scandal, and not just in terms of the $185 million settlement reached with regulators.
New applications for Wells Fargo credit cards and checking accounts have been nosediving. In February, they registered their largest year-over-year tumble since October, the first full month after the scandal broke.
“It will take time for us to work through the changes we are making in our business,” said Mary Mack, head of community banking at Wells Fargo, in a statement. “But we remain focused on strengthening our relationships with existing customers and building new ones with potential customers.”
On Monday (March 20), Wells Fargo shares slipped 1.76% to $57.63.