Over the last few months, much has been published by news outlets and other sources—including here on this blog—about the unauthorized opening of customer accounts by employees at Wells Fargo, the nation’s third-largest bank. Since September of last year, two separate settlements have been announced to put the matter to rest, each of which included the payment of more than $100 million to regulatory agencies, government entities, and affected banking customers.
As business law attorney and a business owner myself, the actions of the employees in question concerned me greatly. Opening an account for a customer without his or her express permission is an egregious violation of the trust that is vital in a business relationship. Since the matter was brought to light, Wells Fargo has begun taking steps rebuild the trust of their customers. The employees responsible for the phony accounts have been terminated, a new CEO has been named, and millions of dollars in bonuses to company executives have been revoked. While skeptics might claim that these measures do not go far enough or are simply for public image purposes, I would advise caution against jumping to conclusions about the Wells Fargo brand as a whole.
Be Wary of Overgeneralizing
It is common for a person, small business, or even entire corporation to be tried in the court of public opinion by means of salacious headlines and social media posts. While the acknowledged facts in this particular case demonstrate a clear pattern of bad judgment on the part of a relatively few bank employees, there are many thousands of others who work under the Wells Fargo name who are wholly committed to serving the public and helping clients reach their financial goals.
Throughout my career, I have developed a strong working relationship with investment professionals throughout the region, including many who serve as Wells Fargo Advisors. These dedicated men and women are hardworking individuals of integrity who continue to earn their clients’ trust every day. Wells Fargo financial professionals consistently rank among the top advisors in Illinois and throughout the country. My confidence in their skills and reliability is so strong that I regularly recommend them to my clients looking for guidance with investments and wealth management—and I will continue to do so for many years to come.
Building Business Relationships
In the course of owning a business, you will almost certainly need to rely on other professionals to provide certain goods and services, and it is important to work with companies you can trust. To learn more about developing strong professional relationships, contact an experienced Naperville business law attorney. Call 630-756-1160 for a confidential consultation at The Gierach Law Firm.