Wells Fargo Card Requests Drop by Most Since Scandal Erupted
- New checking accounts fall 43%, marking sixth straight decline
- Mack says ‘it will take time’ to work through reforms
A Wells Fargo & Co. bank branch in New York on Jan. 11, 2017.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Wells Fargo & Co. said credit-card applications dropped 55 percent in February from a year earlier, the biggest decline since a scandal involving fake accounts erupted in September.
Retail customers opened 43 percent fewer checking accounts in February, marking the sixth straight month of declines since regulators fined the bank over the creation of unauthorized accounts.