Wells Fargo announced Monday (May 7) that it has launched a new marketing campaign, dubbed “Re-Established,” which focuses on its commitment to rebuilding stakeholder trust following its fake account scandal. In a press release, Wells Fargo said the campaign, which launched Sunday (May 6) will demonstrate how the embattled bank is transforming as it emerges from a “challenging period in its history.”
“In the past 20 months, we have transformed Wells Fargo by simplifying our business model, investing for the future and strengthening our culture,” said Tim Sloan, the bank's chief executive officer and president. “While we have made solid progress, we recognize there is still work to be done. This campaign marks a turning point by expressing how we are fundamentally a different company today, and that it feels like a new day at Wells Fargo.”
According to Wells Fargo, the first part of its new marketing initiative is a one-minute commercial called “Trust.” It will air nationwide, showing Wells Fargo's intent and acknowledging its diversity, and will run across print, digital, broadcast and mobile channels.
“‘Re-Established’ means recommitting to our customers and team members, reaffirming support of our communities and reinventing how we serve our customers through every interaction — [and] in new and improved ways,” said Jamie Moldafsky, Wells Fargo's chief marketing officer. “It is about holding ourselves to a higher standard, and our unwavering commitment to become a better bank.”
Wells Fargo is in growth mode, despite the ongoing challenges of its list of account scandals. According to a new report from the Financial Times, its investment banking unit is reportedly gearing up to hire hundreds of new employees — including approximately 20 managing directors who can bring on clients or provide additional capabilities.
Citing a person with direct knowledge of its plan, FT reported Wells Fargo's securities unit will also continue to expand. It is currently putting more efforts behind its equity capital markets and mergers and acquisition (M&A) businesses, spaces in which it has previously played a smaller role. The unit boasts nearly 5,000 employees and will hire hundreds more in 2018, many of whom will be brought on to replace those who aren’t performing well.