‘They need new blood’: Wells Fargo is in another reputational crisis
Wells Fargo has found itself in the midst of yet another PR fire — a minor flareup compared to last year’s phony accounts scandal, but a cringeworthy development nevertheless.
On Monday, the bank disclosed that earlier this month the bank had “inadvertently” released a trove of confidential data about at least 50,000 of its wealthiest clients in an email exchange between lawyers. Approximately 1.4 gigabytes of files — spreadsheets, names, Social Security numbers — and financial details including the size of their investment portfolios, and the fees the bank charged them.
“Wells Fargo is taking swift legal action to ensure client data, which was inadvertently released to a lawyer as the result of a subpoena, is returned immediately,” the bank said in a statement shared with Tearsheet on Tuesday. “Additionally, Wells Fargo is seeking to prohibit the data from being disseminated. We take the security and privacy of our customers’ information very seriously. We are continuing to thoroughly investigate this matter and will take all appropriate steps based upon the outcome of our investigation.”
It’s entirely possible for companies to recover from reputational incidents — just look at BP and AIG. What makes bank’s scandal so much worse is the succession of problems and inconsistencies between what they’re marketing and how they’re running the business, said Michael Rubin, chair of the crisis practice at Levick.
“These things are cumulative and can damage the brand,” he said. “It seems to be part of a pattern of a lack of oversight, accountability, management and controls. It’s different from what they dealt with last year but in many ways it conveys the same poor management and oversight.”
Read the full story on tearsheet.co
More in Marketing
Why the New York Times is forging connections with gamers as it diversifies its audience
The New York Times is not becoming a gaming company. But as it continues to diversify its editorial offerings for the digital era, the Times has embraced puzzle gamers as one of its core captive audiences, and it is taking ample advantage of its advantageous positioning in the space in 2024.
Why B2B marketers are advertising more like consumer brands to break through a crowded marketplace
Today’s marketing landscape is more fragmented than ever. Like consumer brands, business brands are looking to stand out in a crowded and competitive marketplace, making marketing tactics like streaming ads, influencers and humorous spots more appealing.
As draft puts WNBA in spotlight, the NBA is speeding up ballplayers’ transition to creators
The NBA’s star athletes are its greatest marketing asset.