Professor Elam

Thursday Nov 17, 2016

Bad news just keeps coming for WFC, now a not unexpected collapse in new accounts.

New account openings at Wells Fargo (WFC)plummeted 44% in October compared with last year, the bank said on Thursday. Things also worsened since September, when the number of accounts opened by customers fell by 27%.

Wells Fargo said October applications for credit cards plunged 50% last month, worse than the 35% drop in September.

It was the first full month after Wells Fargo's shocking September 8 settlement with regulators over the creation of as many as 2 million unauthorized accounts.

The real irony is that the CEO Stumpf and Tolstedt who was responsible have walked away with millions in the bank from stock options while their replacements now struggle with the bitter fruit

of their reign.