Wells Fargo's new accounts still falling after scandal

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NEW YORK — Wells Fargo (WFC) is still seeing a slowdown in activity at branches nationwide as it tries to recover from a scandal over its sales practices.

The bank said Friday that the number of new checking accounts opened fell 31 percent in January from a year ago, and applications for credit cards were down 47 percent. Branch bankers had 14 percent fewer interactions with customers.

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There are signs of stabilization, though. While checking and credit cards applications and traffic were all down from a year earlier, they were up or stable compared to December.

The San Francisco-based bank has restructured its compensation structure for branch employees since it was discovered employees trying to meet ambitious sales targets opened up to 2 million bank and credit card accounts without customer authorization.

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