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This case invites students to assess the impact that Brexit, the withdrawal of the United Kingdom from the European Union, might have on a New York–based hedge fund's portfolio and, specifically, its UK assets. The case is designed to prompt students to make market assumptions and investment hypotheses based on a combination of numerical data and qualitative information. It requires no numerical computations; instead, it asks the student to interpret both markets' short-term reactions to the Brexit vote and strategy shifts from UK and European business leaders in order to evaluate longer-term implications for the economies of the United Kingdom, Europe, and the world.

In October 2016, Timothy Sloan, the newly appointed CEO of American banking giant Wells Fargo, faced a massive public-relations crisis. A few weeks earlier, a United States government agency had announced the results of its regulatory review of the bank and exposed a shocking practice common in the retail division, in which aggressive community bankers had created more than a million fraudulent accounts and credit card applications on behalf of unaware customers for the past several years. Over the next few weeks, the bank—and Sloan's predecessor, John Stumpf, in particular—suffered from harsh criticism from politicians, journalists, and former employees alike, ultimately forcing Stumpf's resignation. As Sloan sought to minimize the public-image backlash and restore general trust in Wells Fargo, he struggled to construct the best communication strategy for the bank's next chapter.

Secondary research

Victoria’s Secret, a lingerie retailer founded by Roy Raymond in 1977, is the largest retailer in women’s intimate apparel in North America. Nevertheless, the business has been under fire in the recent past for failing to be inclusive and diverse, declining revenues and engaging in high-profile controversies. Victoria's Secret has experienced competition from emerging lingerie brands including Savage X Fenty, which Rihanna established in 2018, ThirdLove and Aerie by American Eagle & Knix. Victoria's Secret tried to reinvent itself in reaction to these difficulties by altering its marketing approach, switching out its “angels” for more diversified models, and launching a new range of cozy, informal loungewear. However, there were conflicting reactions to these initiatives, and the company's sales have been declining.

Executive training programs, upper level undergraduate and graduate MBA students in strategic, marketing and general management. Students should understand the basics of strategic management and marketing before undertaking to analyse this case.