In its report of the editorial screw-up, WSJ's "Deal Journal" blog wrote:
"This morning a quite realistic-looking press release said the bank has launched a new campaign — “Your Bank of America.” Dressed in BofA’s famed “flagstaff” logos and color–it’s even the right fonts–the “release” says the bank is on a quest to find out how banking should happen and wants America’s help. On a related website, yourbofa.com, a letter purporting to be from CEO Brian Moynihan kicks off with “Today, it’s time to acknowledge that our Bank isn’t working anymore.” Bank of America says the release is a fake."scandal sends shutters up and down the spines of those toiling in this still-profitable industry.
The last time it happened, BW changed its policy for accepting releases, which was trumpeted in a news release via BusinessWire:
"NEW YORK–(BUSINESS WIRE)– In the wake of a fraudulent press release that is now the subject of a Federal criminal investigation, Business Wire will no longer accept client releases submitted via e-mail, effective immediately, Cathy Baron Tamraz, chief executive officer, announced today. The elimination of e-mail was scheduled to be part of a planned security upgrade this August, but this weekend’s incident advanced the timetable for the policy change."As for the target of this hoax, its communications team had its hands full navigating the less than ebullient news stemming from its earnings announcement, resulting in the bank's fall from the number one slot as the nation's biggest. From The New York Times DealBook:
"Still, its revenue decline stands in contrast to the results at other banks like JPMorgan Chase and Wells Fargo, which reported increases in revenue and profit. It also underscores a retrenchment that forced Bank of America out of the top spot as the biggest bank in the United States."For what it's worth, Bank of America's actual earnings release was distributed by Business Wire.