Wells Fargo is getting walloped by their fraudulent accounts scandal

Wells fargo protest anarchy
Protestors run by a defaced sign at a Wells Fargo Bank during Occupy Oakland’s general strike on November 2, 2011 in Oakland, California. Justin Sullivan/Getty Images

Wells Fargo has seen a dramatic decrease in new account openings after its fake accounts scandal.

In a release on Thursday, the bank announced that the number of new accounts opened in October fell by 27% from the month before and 44% from October 2015.

This comes in the first full month after the revelations that the bank had opened as many as 2 million accounts for customers without their knowledge. This led to a Congressional investigation and the resignation of former CEO John Stumpf.

Existing account activity such as debit card sales remained steady while other metrics such as teller interactions and customer satisfaction surveys dipped.

More to come…

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