What's Next for Wells Fargo in Post-Stumpf Era?

The video discusses Wells Fargo's crisis management failures, leadership changes, and accountability measures. It highlights the need for proactive customer engagement and questions the new CEO's strategies. The video also explores streamlining operations, customer retention, and cultural issues within the bank.

What was one of the main criticisms of Wells Fargo's crisis management?

• They intervened too early.

• They were proactive in their approach.

• They failed to address known issues from 2013 in a timely manner.

• They had too many earnings calls.

What significant change occurred in Wells Fargo's board structure?

• They reduced the number of board members.

• They merged with another bank.

• They appointed a new CEO from JP Morgan.

• They became the only top 30 bank with both an independent chairman and vice chairman.

How did Wells Fargo's management communication differ from JP Morgan's during a crisis?

• Wells Fargo issued a public apology before JP Morgan.

• Wells Fargo did not hold an earnings call for Wall Street analysts.

• Wells Fargo immediately addressed the crisis with a conference call.

• Wells Fargo held more frequent earnings calls.

What is the retention rate of customers affected by the cross-selling scandal?

• Less than 50%

• Exactly 80%

• Between 60% and 70%

• Over 90%

What is a key reason customers remain with Wells Fargo despite the scandal?

• They have been with the bank for a short time.

• They are unaware of the scandal.

• They dislike the convenience of the branches.

• They find the products and services satisfactory.

What cultural issue contributed to Wells Fargo's problems?

• A culture that allowed unethical practices to occur.

• A lack of product sales goals.

• A focus on customer satisfaction over sales goals.

• Too many checks and balances in place.

What step did Wells Fargo take to address cultural issues?

• They increased product sales goals.

• They hired more employees.

• They eliminated product sales goals.

• They reduced the number of branches.