Bank of America’s (”BAC”) CEO has some advice for the new boss of embattled Wells Fargo (”WFC”). Speaking with Fortune’s Susie Gharib, Brian Moynihan says it all comes down to communicating the right message—again and again. “When you think you’ve said it and you think people should write it down and understand it—you think they heard you—you just have to keep doing it,” he said. “And every action you take has to be true to that because they’re watching to make sure you’re really doing what you’re saying.”
Wells Fargo’s Tim Sloan would do well to pay attention. His bank is dealing with a massive investigation into secretly opening millions of fake accounts for customers without their permission. Sloan was tapped to take over the CEO job in October after the bank’s longtime leader, John Stumpf, resigned in the aftermath of the sales tactics scandal.
Moynihan has plenty of experience when it comes to crises. After all, he became CEO of the nation’s second-largest bank at the height of the financial crisis, and had to deal with angry homeowners, consumers, investors, and regulators for selling bank customers shoddy mortgages.
Does Sloan have what it takes to rebuild Wells Fargo’s reputation? Moynihan says that’s up for others to decide, like his board and team, but adds, “He’s a good man and he’ll work hard at it, I’m sure.”