Persuasive memo. SUBJECT: Wells Fargo and communication needs
You are to identify a company in the news that is facing a business issue or problem that is of interest to you. You will then use the PACE analysis tool to identify three communication needs around that topic. While you are acting as an outside consultant for this project, you have been asked to provide the first two deliverable as memos.
You must develop a persuasive memo to be sent to senior management with your recommendation to help address the situation. That memo should include some quantifiable data as well as your qualitative insights.
This is designed to be a portfolio piece so you will likely find it easier to succeed if you work on a project where both the company and the issue are of interest and/or concern to you. Make sure you choose a company and issue significant enough to provide sufficient rigor in your consulting.
Persuasive Memo
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SUBJECT: Wells Fargo and communication needs
The 2016 unauthorized account creation crisis at Wells Fargo still affects the bank even now that the CEO has failed to acknowledge some of its mistakes, and in 2018 the bank has blamed a computer glitch for errors that resulted in wrongful foreclosure. Since some of the executives are still at the company, past mistakes to attract interest and calls for greater responsibility and accountability it is necessary to show that there has been a change in behavior and willingness to improve for the better. Wells Fargo also needs to demonstrate it is sincere and genuine to deal with the wrongful foreclosure scandal. There is also a need to reestablish mutual trust with the customers to improve the corporate image. The PACE tool (Probe, Alert, Challenge, Escalate) is used to analyze communication.
Both shareholders and regulators are still right to question the management for being slow to communicate effectively about problems when they occur. There is a concern that Wells Fargo management has not shown willingness to take responsibility for previou...
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