Wells Fargo Circles the Wagons: Communicating during a Crisis
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Publication Date:
July 12, 2017
Source:
Darden School of Business
In October 2016, Timothy Sloan, the newly appointed CEO of American banking giant Wells Fargo, faced a massive public-relations crisis. A few weeks earlier, a United States government agency had announced the results of its regulatory review of the bank and exposed a shocking practice common in the retail division, in which aggressive community bankers had created more than a million fraudulent accounts and credit card applications on behalf of unaware customers for the past several years. Over the next few weeks, the bank-and Sloan’s predecessor, John Stumpf, in particular-suffered from harsh criticism from politicians, journalists, and former employees alike, ultimately forcing Stumpf’s resignation. As Sloan sought to minimize the public-image backlash and restore general trust in Wells Fargo, he struggled to construct the best communication strategy for the bank’s next chapter.
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Wells Fargo Circles the Wagons: Communicating during a Crisis
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