Wells Fargo reports February decrease in retail banking activity

Wells Fargo & Co. (NYSE: WFC) said there were 55 percent less consumer credit card applications and 43 percent fewer checking accounts opened in February in contrast to a year earlier, according to a retail banking activity report released on Monday. The February numbers display a constant dip in retail activity for the San Francisco-based bank after its fake account scandal in September. The analysis also shows branch interfaces from clients decreased 11 percent from a year earlier.

“Today’s update on retail banking trends is part of our ongoing commitment to transparency,” said Wells Fargo President and CEO Tim Sloan in the report. Wells Fargo started the monthly report following the scandal and the next installment should be anticipated in April. The report did exhibit a 6 percent year-over-year increase in average consumer and small business balance deposits at $ 761.4 million.

Alternative high notes in the report include an increase in customer loyalty scores for the fourth straight month at 57.6 percent. This is still a decline from 62.1 percent a year earlier. Wells Fargo also stated that his customer-initiated consumer checking account closures were down 11 percent year over year. “After factoring in day count differences,” Mary Mack, head of Community Banking at Wells Fargo, said, “February trends were similar to January’s and were within our expectations.”

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