Dec 16 Wells Fargo & Co reported another
decline in monthly consumer account openings, indicating that
the bank is having trouble rebuilding its reputation after a
The bank agreed in September to pay regulators $185 million
to settle charges that its staff opened as many as 2 million
accounts without customers' knowledge.
Wells Fargo said on Friday consumer checking account
openings fell 9 percent in November from the previous month, and
were down 41 percent from a year earlier.
The bank started reporting monthly figures on retail banking
activity last moth as part of an effort to win back the trust of
investors. Account openings fell 27 percent in October from
"In the near term, we still have a lot of work to do to
rebuild trust," Mary Mack, head of Wells Fargo's community
banking business, said on a call with analysts.
Mack added that while the numbers still show weakness, she
expects an improvement as the bank focuses on customer service
and announces a new compensation plan in January.
The figures released on Friday also showed fewer customer
interactions and a drop in debit card transactions in November.
(Reporting by Nikhil Subba and Dan Freed in Bengaluru; Editing
by Saumyadeb Chakrabarty)