The payments giant has made a lot of money issuing loans to online shoppers with blemished credit histories. But now it is looking to reduce its risks.
Amer Sajed, a 56-year-old Pakistan-born immigrant to the U.S., will step down from his role leading the bank’s credit card business in July after being spurred into activism by President Trump's stances on social and other issues.
Republicans repeatedly claim that the Dodd-Frank Act has hurt consumers by raising costs and hampering credit availability. But the data doesn't back that up.
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Lost in the battle between banks and retailers — which is being fought with renewed vigor in the early days of the Trump administration — is any consideration of how caps on interchange fees have affected consumer spending patterns.
The number of new checking accounts at the embattled Wells Fargo fell by double digits year over year, and account closures remained brisk. Yet the figures on credit card applications were worse.
CFO John Shrewberry projects that legal costs and other expenses related to the scandal will swell to between $50 million and $60 million and remain at that level for the next several quarters.
