Wells Fargo Card Services and Wells Fargo Financial Bank reported second quarter outstandings of $6,998,168,460, an 11.4% increase over the same period one year ago. Second quarter card volume rose nearly 20% for Wells Fargo Financial Bank, and more than 14% for Wells Fargo Card Services. Combined, Wells Fargo Card Services and Wells Fargo Financial Bank reported 2Q/03 volume of $3,887,016,310, a 14.7% increase over 2Q/02, according to CardData ([www.carddata.com]). At the end of the second quarter, Wells had 3,649,171 active accounts, an 8% increase over the prior year. In its earnings reports, Wells noted a 12.16% average interest yield on credit cards compared to 12.29% one year ago. Meanwhile, Wells Fargo confirmed Friday that Dan Porter, chairman and CEO of Wells Fargo Financial has resigned to pursue other opportunities. Mark Oman, group EVP of Wells Fargo & Company and head of the company’s Home and Consumer Finance Group, will assume Porter’s role for an interim period. For complete details on Wells Fargo Card Services and Wells Fargo Financial Bank visit CardData ([www.carddata.com]).
Issuer 2Q/03 Outstandings 2Q/03 Volume 2Q/03 Actives
Wells Fargo Card
Services (IA) $5.8b(+9.8%) $3.6b(+14.2%) 3.2m(+5.6%)
Wells Fargo Financial
Bank (SD) $1.2b(+19.2%) $277.2m(+19.7%) 451.5k(+29.3%)
Total $7.0b(+11.4%) $3.9b(+14.7%) 3.6m(+8.0%)
Source: CardData ([www.carddata.com])