It is possible to improve a reputation currently in shambles

Wells Fargo’s reputation might still be poor to government, questionable to media and uncertain to some of the public yet it is making progress with its investors.

While that is insufficient improvement, it is satisfying to the company and meets objectives.

The scandal-riddled bank has exhibited embarrassingly weak corporate governance.

Ethical thinking — a failing grade. Self control — a failing grade. Business practices — a failing grade. Crisis communications — could be considered malpractice. Crisis management — the same, malpractice. Yet with power and resources comes greater latitude and enabling.

Wells Fargo however appears to have repaired relationships with investors, something other fumbling companies like Facebook, Uber and Boeing, to name a few, can take heart in, the possibilities.

“All 12 Wells Fargo directors won at least 95% of shareholder votes at the San Francisco-based bank’s annual meeting last week, an April 26 filing showed,” Bradley Keoun of The Street reported.

“It’s the first time the Wells Fargo Board has received such a resounding endorsement from shareholders since allegations surfaced in 2016 that the bank had systematically committed consumer abuses.” Keoun wrote.

This is an interesting development because Wells Fargo shares are down 6.9% in the last 12 months while JPMorgan Chase, Bank of America and Citigroup shares are up. That is a big difference in numbers.

Trust however, is measured in different factors and right now Wells Fargo investors are less stress, less upset, more optimistic about the future of their money.

The question is, will Wells Fargo become complacent, despite leadership change, and revert back to its default management beliefs and practices? Has it learned? What has it learned? Will it problem solve, improve and be prove admirably more responsible and trustworthy?

The jury on that remains out. In other words, we shall see.

Wells Fargo is trending in a healthy relationship direction with vital people — investors, yet to assume it is healthy as an organization, sober to its past abuses and ready to be an ethical company and brand, willing to continue getting dirty to do the critical crisis management work it needs to do, is making oneself vulnerable, without evidence, to corporate recidivism.

Michael Toebe is a communications solutions leadership practice leader for reputation management, risk, crisis communications and crisis management for companies and individuals.

He has written for and contributed to Chief Executive, Corporate Board Member and the New York Law Journal.

You can also find him at LinkedIn, Twitter, Instagram and at the Communications Solutions Leadership podcast.