Wells Fargo's illegal cross-selling and fraudulent account creation practices appear to have caught up with the bank, just days after CEO John Stumpf announced his surprise resignation. As Bloomberg reports, management consultancy cg42 released a poll showing 14% of Wells Fargo customers have decided to leave the bank, "potentially withdrawing billions of dollars and crimping revenue."
The data confirms what a separate poll by SurveyMonkey Intelligence released last week revealed. According to the survey, since the scandal broke, Wells Fargo has been losing asmuch as 140,000 of its mobile customers every week. The report finds that while the bank reported a downturn in new customer applications and accounts opened since the scandal broke, Wells Fargo curiously hasn’t reported on its customer churn rates. That is, the rate at which Wells Fargo is losing customers as they close their accounts after the scandal. (Conversely, customer retention rates would reveal the rate of customers keeping their accounts. Either metric works.)
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1 comment:
ONLY 14%
It's a good thing that YOU didn't falsify TWO MILLION fake accounts and profit from them.
Prosecutors would individualize each crime and you MIGHT get out of prison befor you die. Maybe.
THEY retire with $120 million in payouts and stock options.
"We the people" go to PRISON.
You understand, don't you, that the police, the FBI and thousands of investigators are busy with seat belt violators, shoplifters at Wal-Mart, bad check writers, and all those American's who need to be fined for not having health insurance to be too concerned with multi-million dollar scams by some rich guys??
Prisons are built for black people and the poor. Not THEM.
Two Sets of Laws.
Keep cheering.
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