Latest since the financial crisis, Wall Street organizations have a difficult stand with the public. The image is bad and this is probably an understatement. Over the past few years hardly any organization or leader of a Wall Street organization has made an effort to improve the public opinion. The opposite is the case. Just recently JP Morgan Chase, Morgan Stanley and Goldman Sachs provided the public again with bad ammunition against their brands and public images. The constant inactivity in brand maintenance is now starting to hurt the bottom lines. It can now be watched how some minor efforts have started taking place.
In the past those brands believed that their brands have nothing to do with the public, since only a few are catering their services to people on the street. Morgan Stanley and Goldman Sachs don’t cater to the average Joe on the street and if, only in an indirect way. This assumption is as wrong as it gets. It took a while until this came to the surface, but since Facebook’s almost scandalous IPO even the last on Wall Street should have gotten the message. For those that haven’t understood why they have direct contact with the public and why this can hurt future business, here is the short and easy explanation: Continue reading