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Wells Fargo’s Fake-Account Scandal Is Still Weighing Heavily on Its Business

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Data source: Wells Fargo. Chart by author.

Wells Fargo has 27.4 million active digital customers, 18.8 million of which use its mobile app. Consequently, while the number of customers visiting Wells Fargo branches fell 14% in November compared to 2015, a portion of the difference is captured by the growth of digital banking. Online and mobile banking sessions increased 10% over the same stretch.

Given these moving pieces, it's too soon to predict what the long-term impact from Wells Fargo's fake-account scandal will be. Though, looking at its stock price today, nearing its all-time high, it's safe to assume that the market doesn't think it will be too dire.

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John Maxfield owns shares of Wells Fargo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days . We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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