Reference no: EM131827276

Please respond to this tread

In 2016, Wells Fargo, faced backlash and a multi-million-dollar lawsuit in regards to thousands of employees nationwide were creating false bank accounts in order to meet sales quotas implemented from the company. The backlash resulted in a campaign that began on Facebook by a former employee. Laura Shin explains, "At Kinko's, he made a sign - in Wells Fargo red and yellow - saying "CLOSE YOUR ACCOUNT #holdwfaccountable" and had a passerby take a photo of himself holding it in front of company headquarters in San Francisco.Then he posted it to Facebook along with a letter describing what he called the "victimization of unwitting customers" - the elderly, non-native English speakers, college students and other financially unsophisticated groups - that he witnessed as an employee. He called for Stumpf to resign and launched a campaign to get current customers to close their accounts" (Shin, 2016). The article also entails numerous encounters and multiple accounts from customers identifying how they discovered they too had multiple accounts. Not only is this fraud, but Wells Fargo is still being investigated and being ordered to pay millions of dollars in payout to customers affected. From a social media standpoint, the advertisement on Facebook went viral thus causing a national frenzy. The Facebook article didn't unjustly persecute the company but shed light on an issue that was occurring and affecting millions of customers.  I also read an article where a former employee was blacklisted from financial institutions employment after refusing to commit fraud during his tenure with the company.

Since fraud was committed within the company, as a marketing manager, the blog is the best way to keep the public informed. I would recommend emailing the blog to all customers with a current account and former customers as well, if their email information is still available. The blog will also an open discussion forum as well with the ability for anyone to comment with any concerns or suggestions for future posts as well. This approach will hopefully regain the trust of future and current customers.