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Regulators made no bones about the fact that a number of additional rate hikes are likely to happen this year. Consider your branchstrategy. Assessing the value of bank branches is an exercise that began long before the pandemic, but vaccine and mask mandates added new considerations to the debate. Play the long game.
Under pressure from regulators and investors, banks that tout their sales cultures may have no choice but to follow Wells' lead and stop rewarding branch employees for hitting sales targets.
Under pressure from regulators and consumer advocates, brick-and-mortar banks are now offering overdraft-free accounts. But online-only and community banks still have them beat as the type and number of fees associated with big-bank checking have multiplied.
It is premature to say whether criticism of cross-selling and calls to break up the big banks will lead to action, but there is one area where a spinoff could actually be in the banks' interest.
Wells Fargo Chief Executive John Stumpf may get a third grilling by lawmakers over the fake account scandal that continues to embroil the San Francisco bank.
The same incentives structure that encouraged bad behavior at the bank can be blamed for ethical mishaps in other industries as well as the government.
Some analysts are suggesting Wells Fargo should start closing branches, in order to move beyond the phony-accounts scandal, make up for an expected drop in fee income from reduced cross-selling — and position itself for a digital future.
The Wells Fargo scandal has given cross-selling a bad name, but experts say that, done right, it is a crucial revenue driver in this era of razor-thin net interest margins. Their advice: Only sell products that customers need and compensate employees for retaining customers, not simply opening accounts.
John Stumpf may have hoped that Tuesday's hearing on Capitol Hill would mark a key turning point in Wells Fargo's blossoming scandal, but his harsh questioning by lawmakers — and his struggle to answer many of their questions — suggests that the embattled megabank's problems are just beginning.
John Stumpf was coasting toward a carefully planned retirement. But the outcry over sham accounts at the San Francisco bank has put him in a precarious position as he testifies in front of Congress next week.
The combination of smarter consumers and likely CFPB action have, oddly enough, pushed banks, especially large ones, to raise overdraft fees in recent months.
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