Wells Fargo just had their Q1 earnings call, one of the key takeaways for our readers is the desire to improve the credit card value proposition for consumers. Charles Scharf (Wells Fargo CEO) had this to say:
As I’ve spoken about before, we’re underpenetrated in credit card given our customer footprint, and we’re working on developing a significantly improved value proposition that we can introduce to the market. And on the commercial side, we’re going after the middle market investment banking opportunity in a different way than we have previously. This includes joint accountability, investments in talent, name-by-name client prioritization and joint account planning.
The timing is interesting given that the Wells Fargo Propel World will be discontinued on the 19th. In the earnings call they also stated that additional benefits would be adding to the Portfolio by Wells Fargo checking account.
Hat tip to Econ0mist
Source: doctorofcredit.com