Public Negativity Is Big Roadblock for Financial Industry

Financial Industry Still Faces Negativity: The Wall Street Reputation Study, launched by Makovsky and released in Oct. 2012, surveyed communications and marketing executives at financial services companies to determine the challenges they face and the solutions needed to rebuilding reputation.

And those challenges are high, with 78% of executives saying negative public perception is the biggest roadblock in rebuilding reputation.

Other highlights include:

  • 96% of executives invited negative public perceptions because of their actions or inactions during the financial crisis.

  • At least 8 in 10 communications and marketing executives are worried about negative public reaction to executive compensation in the financial industry.

  • 53% of respondents say the “Occupy Wall Street” movement had an impact on their business.

  • 74% say increased regulation will help improve trust and reputation.

Source: Makovsky/Echo Research

Follow Scott Van Camp: @svancamp01

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About Scott Van Camp

Scott Van Camp is editor of PR News, an executive-level, reader-supported publication that helps enhance the business impact of PR. Scott has a rich background in both journalism and PR/marketing. He has more than 15 years of experience as a writer/editor at various consumer and trade publications. Scott was with VNU Business Publications for five years, including stints as managing editor at IQ News and Technology Marketing magazines and senior editor at Brandweek. In the PR/marketing sphere, he has served as corporate communications manager at MarketBridge, a marketing and sales consultancy, and as editorial director for the Chief Marketing Officer (CMO) Council. While at the Council, Scott led several high-profile marketing research projects. He has also operated his own communications and media consulting firm, SVC Communications.

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  • Medical Quack

    The public should be this documentary that is very well done about the Quants of Wall Street being the alchemists. They talk and tell all about the fictitious code they use to create business models that even Jamie Dimon as we have seen on video several times can’t figure out and says “I don’t know” when asked about how their models work. Fix the flawed math and code and maybe that will help and create more that gives accurate results instead of “desired” results that makes them richer…it’s a fixed game and consumers need to know this. The video talks about the mortgage software and how banks modeled it with formulas that were not always from the real world. How often to you hear true confessions from quants and techs? This time you do.