Virginia Commonwealth University

Wells Fargo must do more than fire its CEO to mend its image, critics say

Wells Fargo must do more than fire its CEO to mend its image, critics say

A red stagecoach, pulled by a team of six galloping horses and driven by a ruddy-faced man in a tan stetson, rumbles across a field of dry grass at the foot of a mountain range, all under a clear blue sky.

That image, harking back to the 164-year-old bank’s beginnings, accompanied an acknowledgement of wrongdoing and a promise to make things right that Wells Fargo & Co. offered to millions of its customers Thursday. Wells Fargo took out full-page ads in newspapers across the country as the San Francisco bank began the long process of trying to restore its scandal-tarnished reputation.

The bank made another nod to its corporate heritage late...

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