Acknowledge & Apologize

Trying to deny a trust breach essentially amounts to a second violation, further destroying trust and
making recovery more difficult. Without a doubt, this is one of the factors contributing to Wells Fargo's
poor recovery. Following the scandal, the business attempted to conceal responsibility while running an
untrustworthy advertising campaign. It could have been able to increase customer involvement and
loyalty by a significant amount if it had swiftly admitted its errors.

Change in the corporate culture.

In order to implement cultural change, Wells Fargo should have also look into the underlying roots of
the problem and not just replace top executives after a scandal. Wells Fargo should have established a
set of desirable values and behaviors and talked to its employees about the values of the firm and its
actual or perceived significance. They should have aligned culture with strategy and processes. It is
simple to forget the values you established to define your firm, especially in trying times, but Wells
Fargo should have connected culture and accountability.

It's true that changing a company's culture takes time, but that doesn't matter; what matters is
identifying the actual difference between the culture you currently have and the culture you need to
have.

Redefine the Brand.

Wells Fargo attempted rebranding in the wake of the scandal, but it was insufficient to restore the
bank's reputation following a string of problems. They should have successfully used social media to
spread their message. They ought to have taken full advantage of what social media has to offer. To stop
people from trolling them on their social media accounts, they should have adequately explained what
the new message of their campaign will be.

Revise its code of conduct.

Wells Fargo should have expected its team members to adhere to the highest possible standards of
ethics and business conduct with customers, team members, vendors, stockholders, and the
communities it serves, and to comply with all applicable laws, rules, and regulations that govern our
businesses.

Promote healthy relationship with employees.

Wells Fargo needs to have established positive working relationships with its employees. The scandal
occurred as a result of excessive pressure from upper executives who imposed unattainable quotas and
forced the employees to create unauthorized accounts of their clients in order to maintain their
employment.

Be Transparent.

The fake accounts controversy at Wells Fargo is putting a harsh focus on the bank's transparent business
practices with shareholders. In order to regain clients' trust, Wells Fargo should have been more
transparent with them and used technology. Wells Fargo must launch an internal inquiry to determine
what technology was appropriate to have used and how to be completely transparent with its agents,
clients, and management.