Wells Fargo & Co (NYSE: WFC) ranks highest in consumer satisfaction compared to its large-cap bank peers according to a new study.
The San Francisco-based bank, which is one of the largest banks in the nation, saw its customer satisfaction rate jump by 1.4% according to the annual American Customer Satisfaction Index.
The bank’s ratings improved significantly after it had purchased Wachovia, although Wells Fargo’s numbers were still lower than the high marks that Wachovia had previously received.
Wells Fargo earned a score of 73 and was rated highest among the nation’s large banks, although many smaller banks and credit unions scored higher.
The survey also show that JP Morgan Chase (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) saw declines in their consumer satisfaction ratings. Bank of America had an industry low score of 67, an 8% decline from 2009. JP Morgan’s Score declined by 7% to 68. Since the previous survey, Bank of America purchased Merrill Lynch and JP Morgan Chase has purchased Washington Mutual.
