Wells Fargo reports January branch interactions down 4% y/y
Wells Fargo reported Retail Banking customer activity data for January 2017. Total branch interactions were down 12% from December, which is typically a month with higher levels of teller activity, and down 4% from January 2016. Average consumer and small business deposit balances were stable from December 2016 and up 7% YoY. Consumer checking account opens were up 18% LM due to typical seasonality, but down 0.2 million, or 31%, YoY. Customer-initiated consumer checking account closures were up 1% LM and 4% YoY. Primary consumer checking customers of 23.4 million, down modestly LM, but up 2.6% YoY. Tim Sloan, President and Chief Executive Officer noted, "Today's update on Retail Banking trends is part of our ongoing commitment to transparency. We remain focused on meeting our customers' financial needs by providing great service and quality products, and we're pleased that our customer experience survey scores increased for the third consecutive month. We will provide our next update on customer activity trends in March." Mary Mack, head of Community Banking, added, "After factoring in day count differences and typical seasonality, trends were relatively stable in January and within our expectations. We have made good progress, including rolling out our new Retail Banking incentive compensation program in January, but we have more work ahead as we remain focused on strengthening our relationships with existing customers and building new ones with potential customers."