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- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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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.