Bank of America Hopes to Improve its Image

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With its stock scraping bottom at just over $6.00 a share, its image reeling from a failed attempt to to stick its customers with a $5.00 per month debit card fee, and accusations of thousands of fraudulent foreclosures, Bank of America is undertaking another effort to improve its image. Heading up the makeover attempt is Anne M. Finucane, BofA's Global Strategy and Marketing Officer. Ms. Finucane knows better than most the depths of the trouble BofA is in. The New York Times dubs her the bank's chief "image officer" and says she and the bank stumbled badly with their failed attempt to impose a $5 monthly debit card fee -- a policy that failed after a massive uprising against the fee by BofA's customers. To her credit, Ms. Finucane says that BofA's damaged reputation "cannot be fixed with just a few new slogans. ... In order to repair reputation, you have to repair the issues that underlie" the problems, she says. But how this behemoth bank is going to improve its image when almost every week there is another story of a wrongful or needlessly cruel foreclosure, such as last week's news that a man was losing his home over an $.80 cent error, is anyones guess. BofA spends $1.55 billion/year on marketing in the U.S. alone. Fincucane has reportedly initiated a review of the company's advertising agencies, and selected agencies will be invited to pitch ideas  for new marketing strategies to help improve the company's image.