All is Well?

When it comes to banking, you want your money to be safe and protected. The banks job is to be honest and trustworthy which is why a lot of people have been pulling there money out Wells Fargo.

History

It all started in 2016. The first of many scandals was creation of millions of unauthorized bank and credit accounts. Not even a month later the company was accused of illegally repossing customers cars and several accounts of identity theft. In July 2017, it came out that Wells Fargo was charging people for autoinsurance that they didn’t need and over charging small businesses for credit card transactions. Soon it was discovered that even more fake accounts were being made and more cars were being illegally reposessed. The Federal Reserve said they won’t allow Wells Fargo to grow there assets to until they clean up there act and the Consumer Financial Protection Bureau has charged them with 1 billion dollars for car insurance and morgage abuse.

Today

Wells Fargo has overhauled their leadership and have promised that their will be no more scandals. Their new commercials say they earning back the customers’ trust, but the customers say otherwise. 12% of customers  are expected to move their money elsewhere and morgage applicaitons have dropped over 19%. That means that in the next twelve months they are expected to lose 344 billion dollars!

Customer trust is necessary for a company to thrive. Wells Fargo has lost customer trust for a good reason. Scandal after scandal has shown that they cared more about being the best than their customers’ needs. They have revamped the company and put new people in charge. They are doing their best to earn the consumers’ trust back. The question is will they be able to or have they dishonored the company’s name for good.