Wells Fargo Customers in Temporary Hysteria
Wells Fargo has once again let down their customers. Earlier today, both the Wells Fargo app and website have been reporting mass outages. Wells Fargo has addressed the issue on twitter by claiming that it was the result of systems issue.
Investors were quick to punish the stock as it dropped over 2% today. In an industry that requires a high degree of trust and consistency, an outage like this is simply unacceptable.
But beyond that, there is another issue that needs to be addressed. Why was their response to the outage so vague? Could Wells Fargo be covering up a bigger issue?
Worst Case Scenario
Wells Fargo’s Security was Compromised.
When the company’s public response to this lengthy outage is simply that it’s a systems issue, it seems like there is something missing. Why had the company run so smoothly for such a long period of time only to have a spontaneous outage?
Wells Fargo has been in the media for all of the wrong reasons lately and scandals are becoming common place in their culture. It is not a stretch that their vague response to the outage could be a tactic to downplay a much larger problem.
An UPDATE on the situation is HERE!