Post scandal, Wells Fargo could see almost half its customers leave

DENVER BUSINESS JOURNAL - Wells Fargo's fake accounts scandal could spur almost half, or 44 percent, of the bank's existing retail customers to walk out the door, according to a study by management consulting firm cg42.

The study found that the unfolding scandal has 14 percent of Wells Fargo's existing customers planning to leave, with another 30 percent considering other alternatives, including walking out the door.

Wells Fargo is Colorado's largest bank.

That would be a phenomenal hit to Wells Fargo's retail customer base, but it underscores the challenges new CEO Tim Sloan faces in righting the bank and its ubiquitous stagecoach.

At this point, many are still trying to get their arms around the scope of the scandal, in which as many as 2 million deposit and credit accounts were opened without customer authorization, and the long-term impact it will have on the bank.

Read more at the Denver Business Journal: http://bit.ly/2eOePTg

Copyright 2016 Denver Business Journal


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