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Wells Fargo: Retail Customers Opened 44 Percent Fewer New Accounts Last Month

Wells Fargo & Co. said retail customers opened 44 percent fewer new accounts in October compared with the same period of 2015 following the bank’s $185 million settlement with regulators over its so-called fake accounts scandal.

The drop was 27 percent when compared with numbers from September, when news of the scandal broke, the San Francisco-based company said Thursday in a monthly report detailing retail customer activity.

“We recognize we have work to do and we are focused on strengthening our relationships with existing customers and building new ones with potential customers,” said Mary Mack, Wells Fargo’s new head of community banking, in the statement.

The bank said the account opening drop off was primarily due to a full month impact of customer reaction to the sales practices settlement and reduced marketing activities.

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