Wells Fargo CEO Pushes Credit Cards
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.