Proprietary Reports with Analysis on Wells Fargo U.S. Credit Card Company Performance.
Wells Fargo continues to reel from the bank’s fraudulent sales practices exposed last year, as new credit card account acquisitions fell more than 46% year-on-year (YOY) in the first quarter (1Q/17). Consumer credit card portfolio metrics remained soft with single digit YOY gains, and there was a noticeable uptick in charge-offs.
The only bright spot: commercial credit card purchase dollar (PDV) was up 14.3% YOY.
Average consumer credit card 1Q/17 outstandings grew 4.8% YOY to $34.7 billion, compared . . . .