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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.