From what I can see in their annual report Wells Fargo made $4 billion on card fees out of a total of $74 billion in revenue, so roughly 5%. Still a lot but not the primary revenue driver by any means.
Which is not to say it's not a giant ripoff - it is. Credit card companies are basically monopolies sanctioned for historic reasons which are well due to be disrupted, as I'm sure they will be.
If you want to really take a look a ripoffs in the financial space, consider the oligopolistic US IPO market, which on average charges double compared to Europe.
Thanks for publishing this info. How long can this go on for? Sadly already too long...
From what I can see in their annual report Wells Fargo made $4 billion on card fees out of a total of $74 billion in revenue, so roughly 5%. Still a lot but not the primary revenue driver by any means.
Which is not to say it's not a giant ripoff - it is. Credit card companies are basically monopolies sanctioned for historic reasons which are well due to be disrupted, as I'm sure they will be.
If you want to really take a look a ripoffs in the financial space, consider the oligopolistic US IPO market, which on average charges double compared to Europe.
Except according to the article that 4billion is 100% margin so much higher contribution to profit
The IPO market is absolutely just as bad.
You got death threats from people in the finance industry? Have you thought about braving it out "Martin Luther" style?