Name: 4 Reasons Wells Fargo’s PR Failed Them
Uploaded: 2016-10-19
Duration: 2 min 10 s
Description: Owning the problem could have gone a long way

[ SOUND ] Let's take an example of a non client that you can talk about. And I want to hear what you would have done differently there. Okay. So, let's start with Wells Fargo. [ LAUGH ] [ LAUGH ] Well, let me just see here. Let me think of the top few things. Well first of all it took a very long time to say something, that would be number one. I think number two was a lack of. Transparency. A lack of transparency in dealing with the issue and I also think one of the key things that was clearly a problem there was a lack of responsibility in ownership. I can't tell you how much they goes a long way A good contrast to that, I think, is the CEO of General Motors, who has done a very good job at owning up. We made a mistake. This is horrible. This is what we want to do to make sure this doesn't happen again. But it wasn't that kind of ownership there. And also, too, I think there was a huge delay And also not understanding the magnitude of the level of outrage of customers and employees. And it was just a huge disconnect there, huge disconnect, yeah. And here's the other thing, too, that's important in crisis that relates to this. Is that there's a lack of understanding of the landscape. And by that I mean you; ve got to understand that when a crisis occurs, what's the backdrop of the environment in which your company is operating in. So it was There was no surprise that there were going to be hearings on the hill about that given the landscape and the environment, you know, within the financial >> since it was financial services Exactly right. Exactly right. That was no surprise.

4 Reasons Wells Fargo’s PR Failed Them

Owning the problem could have gone a long way