Slow-motion footage of the iconic Wells Fargo stagecoach set to a calming soundtrack sets the scene for the bank's latest attempt to get beyond the scandal that erupted in early September over widespread identity theft.
Wells Fargo chairman and chief executive officer John Stumpf stepped down Oct. 12. Leading up to this announcement he had agreed to forfeit $40 million worth of stock, his annual bonus and part of his salary for the year.
The commercial promises that "Wells Fargo is making changes to make things right" by:
1. Fully refunding all customers who have been impacted.
2. Proactively sending confirmation of any new checking, savings or credit card account opened.
3. Eliminating product sales goals for retail bankers to ensure the customers' interests are put first.
A study released by consulting company cg42, which specializes in brand vulnerability, shows that even though only 3% of Wells Fargo's customers said they were affected by the scandal, 14% are expected to switch away from the bank in the next year to year and a half which could result in a loss of $99B in deposits and $4B in revenues.
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