Sports Marketing Up For Grabs: As Predicted

Sports Marketing Up For Grabs: As Predicted

Steve’s breakdown: Here’s one we flagged a few months back as a review possibility. Seems “their (consumer abuse) issues have become so big, they are taking a look at just who can help rescue their brand.”

SAN FRANCISCO, CA: In what is surely the biggest agency review so far this year, Wells Fargo has put its enormous sports account into review.

MKTG has held the account for around five years. Sources said the review included both tactical and strategic elements, with one agency saying the whole thing was “largely a procurement exercise.”

Wells Fargo (NYSE: WFC) has more than 40 pro and college team sponsorships in its portfolio. Incumbent MKTG is defending.

Many agencies are conflicted, but we are told that a massive original list of 10-plus is being trimmed.

Participants familiar to SportsBusiness Journal readers include Endeavor, GMR and Wasserman. Other established agencies, including Momentum Worldwide (American Express) and Octagon (Bank of America), are prevented from participating because of client conflicts.

An agency principal said that some of the recent consumer abuse scandals that have damaged the Wells Fargo brand has it looking for new sorts of marketing solutions.

“Their issues have become so big, they are taking a look at just who can help rescue their brand,” he said.

Wells Fargo is facing another round of investigations — this time focusing on its wealth-management business.

The Wall Street Journal reported Thursday that whistleblowers launched claims against wealth management, including Wells Fargo Advisors — the bank’s brokerage division — alleging employees pushed for customers to purchase products and services in an effort to boost their own compensation, rather than putting customers’ needs first.

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