JPMorgan Chase, Bank of America, Wells Fargo, and the Financial Crisis of 2008

Abstract

Following the financial crisis of 2008, major banks such as JPMorgan Chase, Bank of America, and Wells Fargo attempted to rebuild stakeholder and shareholder trust in the American financial system. Through a discourse analysis of JPMorgan Chase, Bank of America, and Wells Fargo’s legitimation efforts, this study provides additional research on the practice of strategic financial communication. Specifically, this article found how JPMorgan Chase, Bank of America, and Wells Fargo responded to questions about their actional and institutional legitimacy in their practice of issue management was echoed within each bank’s press coverage and organizational discourse. Yet this study also found that banks that were better able to directly respond to media critique more effectively navigated the financial crisis. This study underscores the importance of careful communication in managing shareholder and stakeholder concerns and rebuilding public trust in their corporations.