Will This Rumored Move Repair Wells Fargo's Tainted Reputation?

Will This Rumored Move Repair Wells Fargo's Tainted Reputation?

Over the past year, Wells Fargo (NYSE: WFC) has done its best to contain the fallout from recent scandals that have cast the once-revered bank in a disturbingly menacing light. Its moves up until now, however, have been inadequate, as the damage to its reputation continues to pile up.

But it seems as though the leadership at Wells Fargo may be starting to appreciate the magnitude of the damage done to its brand. Rumors began circulating this week that the bank will soon replace the newly appointed chairman of its board of directors, a guy by the name of Stephen Sanger, who led General Mills, a packaged-food producer and distributor, from 1995 until 2008.

The Wells Fargo stagecoach is in disrepair. Image source: Getty Images.

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Source: Fool.com