Wells Fargo Annual Loans Drop for First Time Since 2010

Consumer scandals may have affected the bank’s ability to drum up new business

Total loans at Wells Fargo & Co. dropped 1.1 percent to $956.8 billion, the first annual decline in seven years, the bank said Friday. The San Francisco-based lender contended with a rash of consumer scandals in 2017 after earlier reaching a settlement with U.S. regulators over bank employees opening millions of unauthorized accounts. That may have affected the company’s ability to generate new business with households. Wells Fargo said it expects personal and auto loans to continue to fall this year.

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