JPMorgan Chase's Reputation Falls To Lowest Level On Record In Wake Of $2B Loss

Jpmorgan Reputation


The Huffington Post | By Posted: 05/23/2012 5:31 pm Updated: 05/23/2012 5:31 pm
 
Apparently an op-ed from a bitter employee and a $2 billlion trading loss will do about the same amount of damage to a big bank’s reputation.
In the aftermath of the huge loss sustained by its London Whale trading desk, JPMorgan Chase’s consumer perception dropped by 25 points to -33, according to research service YouGov. Goldman Sach’s reputation fell to -32 on the index immediately after former employee Greg Smith published a scathing op-ed in the The New York Times resigning from the firm.
The plunge puts JPMorgan's reputation at its lowest level since YouGov began tracking the firm in 2008 by asking respondents, "If you've heard anything about the brand in the last two weeks, through advertising, news or word of mouth, was it positive or negative?" Previously its lowest score was -22 when it faced public criticism for its use of government bailout money, according to YouGov.
Still, it’s nowhere near the plunge in consumer perception that Goldman Sachs took in April 2010 when the SEC charged the firm with betting against its own Abacus mortgage bonds while pushing them to clients as worthy investments.
Here's a chart showing the difference between JPMorgan Chase and Goldman Sachs consumer perception levels.
jp morgan goldman sachs
Though JPMorgan's reputation hasn't sunk as low as Goldman's lowest, it's been a pretty bad couple of weeks for the bank. Though JPMorgan's CEO Jamie Dimon, avoided ousting three other executives resigned following the loss that may top $30 billion when counting the resulting decrease in the bank's stock value.
The bank is also facing scrutiny from the FBI, the SEC and the Commodity Futures Trading Commission. In addition, credit rating agencies Standard and Poor’s and Fitch have downgraded their assessments of the bank.
Even Dimon admits that his firm's reputation has taken a hit. Immediately following the announcement of the loss, Dimon said it “puts egg on our face,”. Later he referred to the loss as a “black mark” and “an embarrassment.”

Views: 48

Comment

You need to be a member of 2013 Rainbow Roundtable to add comments!

Join 2013 Rainbow Roundtable

Support Us!

Dear Family~

Thank you for the assistance you have given us to bring the Faction 3 White Knight Messages along with St. Germain's messages to the world.
We are now required to Find a New Home.
Please assist us, as we need extra Finances to make This Move. We need 1st. & Last Month's Rent plus a Security Deposit. This is the usual fare. Please continue to send your contributions plus extra as possible.

With Much Gratitude & LOVE,
Tara & Rama.

Support BBS Radio

BBS Radio's co-founder's, Don & Doug Newsom Lost Their Home and all their broadcasting equipment in the blaze that consumed Paradise, CA. They have come aa long way in getting closer to back on their feet , but still need more of your help. To learn more and donate, click the link.

Learn More >>

Newsletter Sign Up

Join Shop Free Mart! Sign up for free!

Follow Rama

© 2018   Created by Kara Thrais.   Powered by

Badges  |  Report an Issue  |  Terms of Service