Wells Fargo CEO Pushes Credit Cards

Wells Fargo CEO Pushes Credit Cards

July 17, 2013         Written By Bill Hardekopf

Wells Fargo CEO John Stumpf has already taken his company to significant new heights. Wells Fargo has now entered the investment banking industry, and he helped the company earn a record profit of $5.5 billion in the second quarter. Now, he wants to go even further.

Stumpf wants to spend the latter part of this year pushing for credit card profits, aiming to double Wells Fargo’s share in the coming years. This could make a big dent in the credit card industry.

Wells Fargo is already showing positive signs in the credit card market. It increased its number of card-holding customers from 31% to 35% in a year’s time. Credit card loans rose 9.2% at the bank to $24.8 billion in the second quarter. These numbers are relatively small compared to credit card giants like JP Morgan Chase–their loans yielded $124.3 billion in the same quarter.

Due to the size of Wells Fargo, there isn’t much room for the company to grow. Stumpf says that credit cards are “the only consumer product where we have share opportunity. I can’t think of anything else like that on the lending side.”

If you are a Wells Fargo customer, keep an eye out for credit card offers in the mail in the near future. They’re sure to be heading your way.

This entry was posted in Credit Card News and tagged credit cards , JP Morgan Chase , Wells Fargo , John Stumpf

The information contained within this article was accurate as of July 17, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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