To the Editor:
After reading an article in American Banker dated Feb. 6 on JPMorgan Chase media efforts ["At JPM, Image Is Everything, Everywhere"], I was drawn to something attributed to Doug Spong, the president of Carmichael Lynch Spong, a Minneapolis public relations firm: "Full-page ads in The New York Times, The Wall Street Journal, and USA Today can range from $180,000 to $230,000."
In USA Today on Feb. 9, there was a full-page ad from John Stumpf, the president and CEO of Wells Fargo, defending his proposed reward program for his "best employees."
As a banker with over 35 years of service, I applaud his response to programs that benefit the real workers at a bank, but it still makes me wonder if the guys at the top get it. $200,000 is a lot of money to be spent on one advertisement. Also, I have no idea how many papers ran the same ad.
This same ad sent to all the best Wells Fargo employees would have sufficed, especially in today's economic environment. I know it's hard to bite your tongue when the critics are yapping away, but maybe remembering a song from 1967 by the Tremeloes, "Silence Is Golden," could help.Gregory D. Benson
Senior vice president/Senior compliance and BSA officer