Tuesday, October 01, 2019
Reputation
Wells Fargo has found a CEO. Now he has to rebuild the bank's reputation. Wells Fargo had descended into sleazy and illegal tactics to sustain growth. It went from the best bank in the nation to the worst, and it has the lawsuits against it to prove the demise of its image. How could that have happened?. It seems internal growth targets put unbearable pressure on managers so they made up accounts and they gypped customers. They didn't do this once or twice but tens of thousands of times. The bank is still dealing with the fallout. What the fraud revealed is that Wells' control systems were entirely inadequate and need rebuilding. The bank had no clear view of what was happening at the retail level. It was out of control and didn't know it. The basis for a better reputation will be better systems -- and time. A bank doesn't live down failures like this quickly.
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