TL;DR
Several big-name companies, including Yahoo, Samsung, and Wells Fargo, had a difficult year in 2016 due to various issues and scandals. Yahoo, Samsung, and Wells Fargo faced significant challenges, including data breaches, product recalls, and unauthorized accounts.
Yahoo started the year by axing 15 percent of its workforce. The struggling tech firm then admitted it had previously suffered from two massive data breaches, both of which affected more than one billion of its users.
2. Samsung
Samsung’s problems started when it had to recall millions of Galaxy Note 7 smartphones after the high-end devices started bursting into flames. Then, Samsung proceeded to screw up the recall by replacing the defective phones with a product that was also prone to catching fire.
3. Wells Fargo
Wells Fargo made headlines in September when it fired 5,300 employees who had secretly created as many as two million unauthorized accounts. CEO John Stumpf was eventually forced to step down from his role.
At the beginning of 2016, Twitter’s stock price plummeted after thousands of users closed their accounts. Twitter responded by cutting hundreds of jobs and killing its video app, Vine. Throughout the year, Twitter also had to suspend co-founder Jack Dorsey’s account and lost more top executives, including longtime CTO Adam Messinger.
In this story
This story was originally published in 1851 Franchise on December 28, 2016. Burnaze summarizes and links to the original reporting.
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