NEW YORK—As its consumer bank begins to see signs of recovery from a sales practices scandal that erupted more than two years ago, the San Francisco-based lender has struggled to expand its customer base in the unit catering to businesses and institutional clients. Revenue in the corporate bank dropped 4 percent last year.
Before the scandal, it was rising 6 percent a year on average. Because it offers better margins, the health of the corporate bank is critical to Wells Fargo; it represents about a third of revenue but roughly half of $22 billion in annual profit.
