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- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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NEWSLETTERS & ALERTS
Wells Fargo: Major Ad Campaign to Combat Plunging Credit Card, Checking Account Sales
[Photo: Eric Thayer for Bloomberg]
Reputation is Everything! And boy, did Wells Farog 'lay a stinker'.
Numbers don’t lie. The NYPost reports that new customers are saying “NO” to Wells Fargo products and services.
CREDIT CARDS: Since October, CC applications have averaged 200,000 per month down abpit 45%-50% from one year earlier. And in February, the numbers weare even lower – a full 55% below the prior year.
CHECKING ACCOUNTS: The number of apps for new checking accounts is down to 40% - to 300,000 from 500,000 to 600,000 per month a year earlier.
That said, Wells Fargo CEO Tim Sloan managed to find one positive take away - that, “in general our existing customers continued to actively use their accounts.”
WELLS FARGO ANTIDOTE (‘BUILDING BETTER EVERY DAY’). When in doubt, launch a major advertising campaign. And that’s precisely what Tim Sloan plans to do. Beginning in mid-April, ads will be rolled out across many channels - including broadcast, print, radio, online, mobile banking and on the bank’s internet channels.
“I get it. Even though this has been a difficult time for the company, [employees] are very proud of Wells Fargo and [they] want us to talk about it more. … [Employees] want more people to hear about how we're making things right, how we're fixing what was broken, and how we're building a better Wells Fargo." - - CEO Tim Sloan.
Sloan says the new advertisements will highlight innovations including cardless ATMs, cybersecurity and biometric authentication for wholesale customers.
“We're serious about changing Wells Fargo for the better and being very focused on our culture,” Sloan said.