Chicago joined several cities and states across the country in halting business with Wells Fargo on Oct. 5, according to Time and other media outlets. The city suspended its relationship in light of a phony account scandal that surfaced in September. Wells Fargo quickly responded by elevating its role as an integral part of the Chicago community.
“We will continue to serve our local customers and be the same committed community partner in this city, where in 2015 we donated more than $2.8 million to 382 nonprofits, gave more than $803,700 to match our team members’ gifts to 370 educational institutions and foundations, and totaled $1.4 million in team member contributions to local nonprofits through our annual Community Support and United Way Campaign,” Wells Fargo said in the statement.
Will spotlighting the money it put into Chicago do enough to stem the negativity surrounding the brand? Right now, it's a long shot. Especially when city and state officials call into question the bank’s integrity.
Chicago chief financial officer Carole Brown said, “We do need to send the message that the city does business with those people who perform with integrity, transparency, and who hold themselves accountable for best practices.”
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