Wells Fargo admits computer glitch involved in foreclosures
Though a spokesperson wouldn’t say the glitch was a causal factor, the scandal gave plenty of ammunition to the bank’s critics. Will another apology cut it for the embattled company?
A crucial part of an effective PR apology is a change in behavior.
Words won’t suffice if an organization’s actions continue to do harm, and apologies lose their effectiveness over time.
Now Wells Fargo faces another scandal, and communicators for the besieged brand must dig deeper to provide a satisfactory mea culpa.
The latest round of bad news for the bank involves software that mistakenly denied customers loan adjustments on their mortgages, a computer glitch that may have cost people their homes.
The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch.
Become a Ragan Insider member to read this article and all other archived content.
Sign up today
Already a member? Log in here.
Learn more about Ragan Insider.
