Bank account or service complaints to the Consumer Financial Protection Bureau (CFPB) on Citigroup increased 240% from 598 to 2032 in 2016. During the same timeframe at Wells Fargo, where fraud was found, bank account or service complaints increased 24%, from 2329 to 2885. Keep in mind that Wells Fargo is much larger than Citigroup, worth almost twice as much in market capitalization and with 6,215 branches across the US compared to Citigroup’s 756.
For 1,890 out of the 2032 complaints, the CFPB says the Company has responded to the consumer and the CFPB and chooses not to provide a public response. Without further information it is impossible to tell how much of this is related to Jaludi’s allegation of serious system problems which the O&T division had been hiding from regulators and the business divisions or if there might fraud as was the case with the Wells Fargo 24% increase.
As was the case with Wells Fargo, no lawsuits or class actions will be allowed to proceed in federal court due to Citigroup’s arbitration agreement preventing such actions. Once the new administration is in place and Citigroup lackeys, such as Treasury Secretary Jack Lew are no longer in power, perhaps we’ll see the SEC begin to take action once again regarding Citigroup’s continued unethical behavior.
|Consumer complaints to the CFPB for the top 4 US banks|
|2012||2013||2013 % change||2014||2014 % change||2015||2015 % change||2016||2016 % change||2012-2016 change|
|Bank of America||16049||16459||+3%||10287||-37%||9833||-4%||9397||-4%||-41%|
|Wells Fargo & Company||9452||11127||+18%||9168||-18%||9282||+1%||10676||+15%||+13%|
|JPMorgan Chase & Co.||7289||7990||+10%||7735||-3%||7968||+3%||8397||+5%||+15%|
|2015 Detail||2016 Detail||% change|
|Wells Fargo & Company||9282||10676||15%|
|Bank account or service||2329||2885||24%|
|Other financial service||17||22||29%|
|Bank of America||9833||9397||-4%|
|Bank account or service||2925||3103||6%|
|Other financial service||32||26||-19%|
|Bank account or service||598||2032||240%|
|Other financial service||10||16||60%|
|JPMorgan Chase & Co.||7968||8397||5%|
|Bank account or service||2006||2453||22%|
|Other financial service||19||21||11%|
Good visual of complaint trends: