Wells Fargo Hits Pause on Eliminating a Fee Waiver

The news comes as Wells Fargo is taking a number of steps to address client concerns during the coronavirus pandemic. 

Earlier this week, the bank suspended some property foreclosure sales, evictions and involuntary car repossessions. To clients who reach out to Wells Fargo, it is offering fee waivers, payment deferrals and other assistance tied to credit cards and lending programs.

Plus, it is temporarily closing some branches, shifting hours, moving staff and doing more business via drive-through facilities. "We will continue to evaluate this fluid situation and take additional action as necessary," CEO Charlie Scharf said in a statement.

Wells Fargo's advisor headcount stands at roughly 13,510 vs. about 13,950 a year ago. That's down some 1,575 (or nearly 10.5%) from Sept. 30, 2016, when the firm had close to 15,085 registered reps and began making headlines for creating millions of fake accounts.

In late February, the bank agreed to pay $3 billion to resolve potential criminal and civil charges tied to the fake-accounts scandals.