Advertisement

Online Diversity Communication at Wells Fargo

  • Roxana D. Maiorescu-MurphyEmail author
Chapter

Abstract

This chapter is dedicated to Wells Fargo. The results of several quantitative analyses conducted to assess online diversity communication revealed that the company’s enactment of dialogue did not lead to bond-based attachment. The thematic analysis performed on the users’ comments provided valuable explanations in this sense: Wells Fargo’s recurrent crises and the need to reestablish trust.

References

  1. Arif, A., Robinson, J. J., Stanek, S. A., Fichet, E. S., Townsend, P., Worku, Z., et al. (2017). A closer look at the self-correcting crowd: Examining corrections in online rumors. In Proceedings of the 2017 ACM conference on computer supported cooperative work and social computing (pp. 155–168). New York: ACM.Google Scholar
  2. Bologna, C. (2017, December 7). Sweet Wells Fargo ad features lesbian couple learning sign language for their daughter. Huffington Post. Retrieved from https://www.huffpost.com/entry/wells-fargo-lesbian-couple-asl_n_7163254
  3. Braswell, M. (2017, January 3). Wells Fargo advisors to pay $3.5 million to settle race discrimination suit. AdvisorHub. Retrieved from https://advisorhub.com/wells-fargo-advisors-pay-35-5-million-settle-race-discrimination-suit/
  4. Cheng, J., Bernstein, M., Danescu-Niculescu-Mizil, C., & Leskovec, J. (2017). Anyone can become a troll: Causes of trolling behavior in online discussions. CSCW: proceedings of the Conference on Computer-Supported Cooperative Work, 2017, 1217.Google Scholar
  5. Chu, P. (2018, August 7). Wells Fargo accidentally foreclosed on hundreds of homeowners. CNBC. Retrieved from https://www.cnbc.com/2018/08/07/wells-fargo-accidentally-foreclosed-on-hundreds-of-homeowners.html
  6. Coombs, W. T. (2018). Social issue qua wicked problems: Ongoing crisis communication. Planning, managing, and responding (4th ed.). Thousand Oaks, CA: Sage.Google Scholar
  7. Egan, M. (2018a, February 27). Wells Fargo accused of preying on black and Latino homebuyers in California. CNN. Retrieved from https://money.cnn.com/2018/02/27/investing/wells-fargo-sacramento-lawsuit-discriminatory-lending/index.html
  8. Egan, M. (2018b, September 7). The two-year Wells Fargo horror story just won’t end. CNN. Retrieved from https://money.cnn.com/2018/09/07/news/companies/wells-fargo-scandal-two-years/index.html
  9. Fisher, W. R. (1985). The narrative paradigm: An elaboration. Communications Monographs, 52(4), 347–367.CrossRefGoogle Scholar
  10. Grabowicz, P. A., Aiello, L. M., Eguíluz, V. M., & Jaimes, A. (2013). Distinguishing topical and social groups based on common identity and bond theory. In Proceedings of the sixth ACM international conference on Web search and data mining (pp. 627–636). New York: ACM.Google Scholar
  11. Green, J. (2016, July 20). LGBT purchasing power near $1 trillion rivals other minorities. Bloomberg. Retrieved from https://www.bloomberg.com/news/articles/2016-07-20/lgbt-purchasing-power-near-1-trillion-rivals-other-minorities
  12. Kent, M. L., & Taylor, M. (2002). Toward a dialogic theory of public relations. Public Relations Review, 28(1), 21–37.CrossRefGoogle Scholar
  13. Kupfer, A. K., vor der Holte, N. P., Kübler, R. V., & Hennig-Thurau, T. (2018). The role of the partner brand’s social media power in brand alliances. Journal of Marketing, 82(3), 25–44.CrossRefGoogle Scholar
  14. Labrecque, L. I. (2014). Fostering consumer–brand relationships in social media environments: The role of parasocial interaction. Journal of Interactive Marketing, 28(2), 134–148.CrossRefGoogle Scholar
  15. Mui, Y. Q. (2012, July 12). Wells Fargo, Justice Department settle discrimination case for $175 million. The Washington Post. Retrieved from https://www.washingtonpost.com/business/economy/wells-fargo-justice-department-settle-discrimination-case-for-175-million/2012/07/12/gJQAX66ZgW_story.html?noredirect=on&utm_term=.4d177213049e
  16. Ren, Y., Harper, F. M., Drenner, S., Terveen, L. G., Kiesler, S. B., Riedl, J., et al. (2012). Building member attachment in online communities: Applying theories of group identity and interpersonal bonds. MIS Quarterly, 36(3), 841–864.CrossRefGoogle Scholar
  17. Ren, Y., Kraut, R., & Kiesler, S. (2007). Applying common identity and bond theory to design of online communities. Organization Studies, 28(3), 377–408.CrossRefGoogle Scholar
  18. Rothacker, R., & Ingram, D. (2012, July). Wells Fargo to pay $175 million in race discrimination probe. Reuters. Retrieved from https://www.reuters.com/article/us-wells-lending-settlement/wells-fargo-to-pay-175-million-in-race-discrimination-probe-idUSBRE86B0V220120712
  19. Simon, F., & Tossan, V. (2018). Does brand-consumer social sharing matter? A relational framework of customer engagement to brand-hosted social media. Journal of Business Research, 85, 175–184.CrossRefGoogle Scholar
  20. Sommerfeldt, E. J., & Yang, A. (2018). Notes on a dialogue: Twenty years of digital dialogic communication research in public relations. Journal of Public Relations Research, 30(3), 59–64.CrossRefGoogle Scholar
  21. Tausczik, Y. R., Dabbish, L. A., & Kraut, R. E. (2014). Building loyalty to online communities through bond and identity-based attachment to sub-groups. In Proceedings of the 17th ACM conference on computer supported cooperative work & social computing (pp. 146–157). New York: ACM.Google Scholar
  22. Taylor, M., & Kent, M. L. (2014). Dialogic engagement: Clarifying foundational concepts. Journal of Public Relations Research, 26(5), 384–398.CrossRefGoogle Scholar
  23. Wattles, J. (2018, August 5). Wells Fargo says hundreds of customers lose homes after computer glitch. CNN. Retrieved from https://money.cnn.com/2018/08/04/news/companies/wells-fargo-mortgage-modification/index.html
  24. Wells Fargo (2018). Standing 30 years strong together [Data file]. Retrieved from https://www.wellsfargomedia.com/standingtogether/index.html

Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.Emerson CollegeBostonUSA

Personalised recommendations