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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wells Fargo and Company | NYSE:WFC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.30 | 0.50% | 59.82 | 60.15 | 59.32 | 60.12 | 15,354,024 | 01:00:00 |
Wells Fargo & Company (NYSE: WFC) today reported Retail Banking customer activity data for January 2017. Tim Sloan, President and Chief Executive Officer noted, “Today’s update on Retail Banking trends is part of our ongoing commitment to transparency. We remain focused on meeting our customers’ financial needs by providing great service and quality products, and we’re pleased that our customer experience survey scores increased for the third consecutive month. We will provide our next update on customer activity trends in March.”
Mary Mack, head of Community Banking, added, “After factoring in day count differences and typical seasonality, trends were relatively stable in January and within our expectations. We have made good progress, including rolling out our new Retail Banking incentive compensation program in January, but we have more work ahead as we remain focused on strengthening our relationships with existing customers and building new ones with potential customers.”
Key Takeaways
Customer Interactions
Deposit Balances and Accounts
Debit and Credit Cards
Customer Experience Surveys
Jan 2017change from:
(in millions, unless otherwise noted)Jan2017
Dec2016
Jan2016
Dec2016
Jan2016
Customer Interactions (1) Total Branch Interactions 48.9 55.3 50.9 -12 % -4 % Teller Transactions 46.0 52.3 47.5 -12 % -3 % Branch Banker Interactions 2.9 2.9 3.4 0 % -14 % Total Phone Banker Interactions 9.2 9.6 8.5 -5 % 8 % Total Digital (Online and Mobile) Secure Sessions 469.9 479.2 459.0 -2 % 2 %Total Digital (Online and Mobile) Active Customers (2)
27.6 27.3 26.8 1 % 3 % Consumer Checking Account Opens 0.3 0.3 0.5 18 % -31 % Consumer Checking Account Customer-Initiated Closures (3) 0.2 0.2 0.2 1 % 4 % Deposit Balances and AccountsConsumer and Small Business Banking Deposits(period end, $ in billions) (4)
$ 750.4 $ 760.6 $ 709.9 -1 % 6 %Consumer and Small Business Banking Deposits(average, $ in billions) (4)
$ 754.0 $ 753.8 $ 706.2 0 % 7 % Primary Consumer Checking Customers (5) 23.4 23.5 22.8 0 % 3 % Primary Consumer Checking Customers YoY Growth (5) 2.6 % 3.0 % 5.1 % Debit Cards (Consumer and Business) Point-of-Sale Active Cards 25.7 26.2 25.6 -2 % 1 % Point-of-Sale Transactions 630.5 698.0 598.1 -10 % 5 % Consumer Credit Cards (6) Point-of-Sale Active Accounts 7.7 8.0 7.2 -4 % 6 % Applications 0.2 0.2 0.4 8 % -47 % Balances (period end, $ in billions) $ 27.6 $ 28.3 $ 25.7 -2 % 7 % Purchase Volume ($ in billions) $ 5.4 $ 6.6 $ 5.0 -19 % 7 % Customer Experience Survey Scores with Branch Customer Loyalty 56.9 % 55.5 % 61.1 % Overall Satisfaction with Most Recent Visit 77.2 % 76.4 % 77.8 % Business Days 20 21 19Percentage changes are calculated using whole numbers. If the % change were based on the rounded amounts presented, it would produce a different result for Branch Banker Interactions, Total Phone Banker Interactions, Consumer Checking Account Opens, Consumer Checking Account Customer-Initiated Closures, Debit Card Point-of-Sale Active Cards, Consumer Credit Card Point-of-Sale Active Accounts, Consumer Credit Card Applications and Consumer Credit Card Purchase Volume, but all differences are attributable to rounding. (1) A customer communication or transaction qualifies as a customer traffic interaction, which is consistent with the definition used by management for each customer channel presented. Preparation of customer traffic interaction metrics requires the application of interpretive judgement for each communication or transaction. Management uses these metrics to monitor customer traffic trends within the Company’s Retail Banking business. (2) Primarily includes retail banking, consumer lending, small business and business banking customers. (3) Does not include accounts closed by the bank. (4) Period-end and average deposits for January 2017 included $1.8 billion and $2.1 billion, respectively, and December 2016 included $1.2 billion and $2.5 billion, respectively, of deposits related to our new Payments, Virtual Solutions, and Innovation Group that involved realignment in fourth quarter 2016 of some personnel and business activities from Wholesale Banking to the Community Banking operating segment. (5) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. (6) Credit card metrics shown in the table are for general purpose cards only.
Conference Call
The Company will host a live conference call on Friday, February 17, at 9 a.m. PT (12 p.m. ET). You may participate by dialing 866-872-5161 (U.S. and Canada) or 440-424-4922 (International). The call will also be available online at https://www.wellsfargo.com/about/investor-relations/events/ and https://engage.vevent.com/rt/wells_fargo_ao~68962498.
A replay of the conference call will be available beginning at 11:30 a.m. PT (2:30 p.m. ET) on February 17 through Friday, March 3. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID 68962498#. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/events/ and https://engage.vevent.com/rt/wells_fargo_ao~68962498.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170217005167/en/
Wells Fargo & CompanyMediaAncel Martinez, 415-222-3858InvestorsJim Rowe, 415-396-8216
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