Customers Are Sticking With Wells for Now, but Relationship Repair Will Drive Success in 2017
Wells Fargo’s latest monthly retail banking disclosures supported our view that the company’s sales troubles will be surmountable. The most important factor to note is that Wells Fargo’s current customers are sticking with the bank. Although new consumer checking account openings were down 41% from November 2015, account closures were flat from the prior year. Furthermore, the bank still managed to add customers at the height of media attention. While 200,000 accounts were closed, 300,000 new ac...Wells Fargo & Company is a financial and a bank holding company. Through its subsidiaries, the company provides banking, investment and mortgage products and services, as well as consumer and commercial finance. The company provides consumer financial products and services including checking and savings accounts, credit and debit cards, and automobile, student, mortgage and home equity and small business lending, as well as financial planning, private banking, investment management, and fiduciary services. The company also provides financial solutions including commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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