Wells Fargo credit card applications plunge 55 percent in February
Wells Fargo is having a hard time getting Americans to sign up for credit cards these days.
Credit card applications at Wells Fargo plunged by 55 percent in February. That's the sharpest decline since the bank's fake account scandal erupted last September.
Wells Fargo has suffered double-digit declines in checking account openings and credit card applications each month since the settlement. But the February plunge in credit card applications was worse than even the 50-percent decline Wells Fargo experienced in October during the height of the scandal.
Despite taking a series of steps to restore trust with customers, Wells Fargo Community Banking head Mary Mack admitted "we have more work to do."