How is Wells Fargo doing with the rebuilding of its battered reputation? I’m glad you, and Financial Advisor IQ, asked!
Reputation and branding consultant Andy Beal — who doesn’t have a professional relationship with Wells Fargo, but is a personal customer — agrees that the past scandals hit the bank hard, and crisis management experts can only do so much.
“Bringing in a crisis management team to repair Wells Fargo’s damaged reputation is akin to placing a bandage on a self-inflicted wound,” he said. “Rafferty did a great job of patching up Wells Fargo’s damaged brand, but her replacement should focus more on rebuilding the character of the bank to prevent future scandals.”
Wells Fargo should work on long-term solutions, according to Beal.
“Rebuilding a company’s reputation is a short-term solution that helps stem a crisis and grants a temporary stay on any lost trust in a brand,” he said. “Wells Fargo’s customers and stakeholders will watch closely to ensure the bank follows through on its commitment to rebuild its trust.”
Read the full story here: What’s Next for Wells Fargo as it Rebuilds its Reputation?