Wells Fargo Profits Plummet Amid Fraud Scandals And Competition
Wells Fargo Profits Plummet Amid Fraud Scandals And Added Competition. Is The End Near For Wells Fargo? Are Plummeting Wells Fargo Profits A Sign Wells Fargo Is Crashing And Burning? Wells Fargo CEO Tim Sloan was forced to admit Wells Fargo profits are plummeting. He also admitted Wells Fargo is struggling. The bank has also been plagued by countless fraud scandals, lawsuits, and fines. Sloan also admitted Wells Fargo is struggling with the mortgage fees it charges as competition continues to increase. As a result, Wells Fargo customers are fleeing the bank in droves. Do plummeting Wells Fargo profits mean the end is near for the beleaguered bank? Wells Fargo CEO Tim Sloan downplayed the situation: We’re going through a period of some level of overcapacity, and generally, when you go through periods of overcapacity in an industry, pricing gets a little bit more competitive. Wells Fargo explained it has also seen more of a shift into the correspondent channel as c...