Wells Fargo & Company (NYSE:WFC) Continues To Grapple With The Fallout From Its Aggressive Sales Tactics Scandal

Wells Fargo & Company (NYSE:WFC) [Trend Analysis] surged reacts as active mover, shares a gain 0.27% to traded at $55.34 and the percentage gap between open changing to regular change was 0.54%. Wells Fargo (NYSE:WFC) declared that it saw new account openings plummet 41 percent in November from the same period last year as the company continues to grapple with the fallout from its aggressive sales tactics scandal.”We know we have more work ahead of us,” Mary Mack, Wells Fargo’s head of community banking, said in a statement.

“We remain focused on strengthening our relationships with existing consumers and building new ones with potential consumers.”The new account openings were down 9 percent from the month prior, the bank declared Friday, while consumer interactions with branch bankers dropped 14 percent in November from the same time in 2015. Credit card applications fell 45 percent from November of last year.

Wells Fargo agreed to pay $185 million to settle charges that as many as 2 million unauthorized bank and credit card accounts were opened for consumers by employees aiming to make sales goals. The bank fired about 5,300 employees over five years for engaging in the fraudulent activity and the debacle led to the ouster of CEO John Stumpf and retail banking head Carrie Tolstedt, who was subsequently replaced by Mack. The firm past twelve months price to sales ratio was 5.32 and price to cash ratio remained 0.65. As far as the returns are concern, the return on equity was recorded as 11.80% and return on investment was 8.80% while its return on asset stayed at 1.10%. The firm has total debt to equity ratio measured as 1.43.

CounterPath Corporation (NASDAQ:CPAH) [Trend Analysis] attempts to attain leading position in street, Shares price changes as it 2.55% to close at $2.01 with the total traded volume of 12786 shares. CounterPath Corporation (NASDAQ:CPAH) declared the closing of a non-brokered private placement of 454,097 shares of common stock of the Company at a price of US$2.05 per Share for total gross proceeds of US$930,898.85.

The net proceeds from the Offering will be used to: (1) market Bria X, the Company’s Unified Communications-as-a-Service (UCaaS) offering that overlays existing PBX and VoIP Services and adds provisioning, messaging, presence and screen sharing; (2) expand sales and business development resources; (3) fund development for integration of the Company’s UC solutions with other enterprise applications; and (4) for general corporate purposes. The firm insider ownership included 49.10%. Its price to sales ratio ended at 0.72. CPAH attains analyst recommendation of 2.00 with week performance of -2.00%.

 

About Gerard Bergeron

Gerard Bergeron covers Bio-pharmacy or healthcare sector Press Releases news updates. He has extensive three year of experience in content writing as freelance writer. He performs analysis of Healthcare Companies and provides worthy information for investor community. He is an experienced writer with a precise grasp of the English language and a clear, compelling writing style.

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