Wells Fargo & Co. recently launched a series of announcements aimed at rebuilding trust with customers. But the ads, to get a picture of Wells Fargo's long-running campaigns, are putting the cart before the horse.
Evidence of that is accumulating. On Thursday the Wall Street Journal reported that Wells Fargo recently discovered that employees were improperly altering the documents of commercial borrowers, adding information to accounts without consent or notification to clients. It is not clear that altering documents costs money to customers (a spokesperson for Wells Fargo says no), but the problem is that it has that familiar smell of being behind the backs of clients, although apparently it is on a smaller scale than the previous. scandal of false accounts. Wells says the activity continued to occur as recently as this year, and that it has reported infractions to regulators.
The latest issue comes a week after Wells Fargo admitted that he had unduly charged fees in Tennessee public pension fund. The fund says almost $ 50,000. Wells Fargo claims less, but the bank also revealed in a regulatory filing that it is discovering that undue rates could be a widespread problem in its pension fund business. The bank's wealth management unit is also being investigated for pressuring clients to transfer their low-cost 401 (k) accounts to more expensive alternatives.
For Wells Fargo to spend money on an advertising campaign that says "trust us," it seems a waste of giant money, when the evidence seems to be weekly that customers still should not.