Let's not use How low will Fargo as a bell weather for economics. Their closing of personal credit lines was a result of there f-ery they did with fake accounts and opening up shadow lines of credit for real customers without their knowledge. According to CNBC, it's the latest "difficult decision" facing Wells CEO Charlie Scharf, who is being forced to make cutbacks to the banks' business thanks to restrictions imposed by the Federal Reserve years ago as punishment for the bank's criminal scandals like the now-infamous scandal whereby branch managers opened credit lines for customers without permission. a scandal that outraged the public. "Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts," the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said. https://www.zerohedge.com/markets/wells-fargo-infuriates-customers-abruptly-shuttering-personal-credit-business