Warren Buffett said Monday in an interview with FOX Business’ Liz Claman that Wells Fargo has a great future as the bank launched a new brand campaign to repair its image in the wake of a fake account scandal.
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Despite Wells Fargo’s recent struggles, Buffett expects the bank to rebound with Tim Sloan at the helm, he said two days after Berkshire Hathaway’s annual meeting.
“I think Wells Fargo has a great future,” Buffett told Claman on Monday, adding that “someone made a terrible mistake” by allowing the creation of sham customer accounts.
The bank is calling the marketing campaign “Re-Established,” saying the new ads will emphasize Wells Fargo’s “commitment to re-establish trust with stakeholders and to demonstrate how Wells Fargo is transforming as it emerges from a challenging period in its history.”
The first piece of the campaign is a one-minute, nationwide commercial titled “Trust.” The ads will be seen across print, digital, broadcast and mobile channels.
“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,” CEO Sloan said in a statement.
Wells Fargo has been under fire from regulators and lawmakers since September 2016, when it disclosed that it opened as many as 3.5 million bank accounts without customers’ knowledge. The bank also agreed to a $1 billion settlement in April related to allegations that its auto-lending and mortgage practices harmed consumers.
Meanwhile, the Labor Department is said to be investigating whether the bank pressured clients to switch from 401(k) retirement accounts to higher-cost IRA plans.
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