Wells Fargo Scandal Impact

STUDY

October 2016

Wells Fargo Scandal Impact Study

This study is part of our continuous coverage of the U.S. Retail Banking industry and our bi-annual Retail Banking Vulnerability Studies, which model customer attrition across the Top 10 U.S. Retail Banks and its financial impact to the industry.

The results of our Wells Fargo Mini-Study paint a bleak picture for the largest U.S. retail bank and—unfortunately—validate the ominous findings from our 2011—2015 Retail Banking Competitive Vulnerability Studies where we predicted Wells Fargo stood to lose tens of billions of dollars in revenues and deposits if they did not address the frustration of “trying to be sold on products I don’t need or want,” which customers reported as the one frustration they experience most frequently.

For more detailed information, request a copy of the full study.

Methodology

  • Online survey of 1,500 primary customers of the Top 10 U.S. Retail Banks:
    • 1,000 Wells Fargo primary customers
    • 500 primary customers at the other Top 10 U.S. Retail Banks (Bank of America, Chase, Citibank, SunTrust, BB&T, TD Bank, PNC Bank, Capital One and US Bank)
  • Sample is representative of the U.S. Market
  • Field dates: October 18 through October 20, 2016

In this study, we seek to answer the following questions:

  • To what degree has Wells Fargo’s reputation been tarnished by the scandal?
  • How will the scandal impact switching behavior for Wells Fargo?
  • What is Wells Fargo’s projected financial loss–both in terms of deposits and revenues–over the next 12—18 months?
  • Which banks are most likely to benefit from the fallout?

Ready to begin?


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