Wells Fargo’s long-term customer problem is getting worse

In its first full quarter after its fake account scandal, in which 5,300 employees were fired for creating up to 2 million deposit and credit card accounts for people without their permission, Wells Fargo (WFC) posted some grim numbers that finally show how consumers have responded.
The bank’s financials missed analyst expectations, due to hedging issues, recording $5.27 billion in profit, or 96 cents a share, versus an expected $5.58 billion, or $1 per share. (Revenue similarly missed, coming in at $21.9 billion against an estimate of $22.45 billion). However, the story bigger than the tepid earnings report were the numbers that showed just how wary consumers still are in the aftermath of the scandal.
Steep drop in new credit card openings
One troubling line from the earnings report out Friday showed December credit card openings fell by a whopping 43% from a year earlier—and a 7% drop from the previous month. This echoes the similarly bad third-quarter performance.

The news may have negatively impact the performance of the company's shares.

Read more:

• DAX continues consolidate
• Sodexo – Breakthrough the short trend channel and forming a new upward trend
• Norma Group (NOJ): Breakthrough a key resistance zone
• Capita PLC: Inverted head activated, for increace
• Canopy Growth Corporation (CGC) Breakthrough the bearish channel, possible long