Even five years after the financial crisis, concerns around negative public perception continue to be a front-burner issue at financial services companies. What may be exacerbating this negative perception both externally and internally is risk.

1. The 2013 Makovsky
Wall Street Reputation Study
The 2013 Makovsky
Wall Street Reputation Study
Success, Frustration and ChangingViews
on the Long Road Back to Recovery

2. Measuring Reputation Lacking
While nearly three out of four (73%) of the executives
surveyed say it’s important to measure the impact of
a reputation building program among stakeholders,
only 36% of companies conducted such
measurements in the past year.
Long Recovery
Three out of five financial services executives (60%)
said it could take up to five more years to restore
their reputation to 2007 [pre-financial crisis] levels.
Regulations
Two out of three of the executives
surveyed (66%) concur that increased
regulatory actions in the past 12 months
have made it harder for the entire
industry to rebuild reputation.
Reputation Busters
Negative public perception of
the financial services industry
(reported by 61%) and the
company’s management
of a crisis (52%) were the
top factors tarnishing
reputation this year.
A year ago, the top
factors dragging on
reputation were liquidity
and capital challenges, as
well as subprime mortgages.
Program Effectiveness
Only 18% of companies report communications
and marketing programs to be“very”effective in
improving perception. Half (56%) of executives
surveyed say their company’s programs have
only been“somewhat”effective.
Social Media’s Role
The top benefits of social media, according to those
surveyed, were increased awareness (18%) and more
positive media coverage (17%). Surprisingly, almost
as many respondents (16%) reported that social media
had no benefits.
Looking Inside
Most financial services companies (55%) are actively addressing the
negative perceptions and concerns of their employees to rebuild
reputation. The most successful programs center on increased
employee communications (83%), special programs with
influential employees (93%) and social media as a
employee communications channel (81%).
What’s Working
Investor relations and corporate advertising (43% and 42%, respectively) are the top activities
implemented to address negative perceptions with external audiences, such as customers, investors
and suppliers. They were also rated the most effective (93% and 92% respectively). Almost as
effective, but not widely used, are CEO programs and initiatives to work with regulators.
“A tug-of-war between risk and reputation”
Reputation Boosters
The most important factors affecting
corporate reputation over the past
year were: customer satisfaction
(82%); financial performance
(71%) and a strong brand (69%).
Changing Views
In 2012, 74% of communications and
marketing executives thought more
regulation of the industry would allow
reputation and trust to improve faster,
butin 2013, 52% disagreed or were not sure
that reforms would bolster reputation faster.
Financial services firms agreed that
their industry is currently riskier than
or equally as risky as it was in 2007.
Financial services organizations are
rapidly seeking and trying new com-
munications strategies to improve
their public image and promote a
reformed and better-protected
industry — with mixed results.
Commissioned by Makovsky and conducted
by Echo Research, the 2nd Annual Makovsky
Wall Street Reputation Study reveals the
obstacles to recovery as well as best
practices and emerging trends.
68%
currently riskier than or equally
as risky as it was in 2007
Despite an improving economy
and a bull stock market, nearly
half of financial services companies
reported experiencing an average
loss in business.
the equivalent of hundreds of
millions of dollars — as a result of
ongoing reputation and customer
satisfaction issues.
Even five years after the financial
crisis, concerns around negative
public perception continue to be a
front-burner issue at financial ser-
vices companies.What may be
exacerbating this negative percep-
tion both externally and internally
is risk.
9%
loss of business over
the past 12 months —

3. INTEGRAT
COMMUNI
Research Methodology
For the 2013 Makovsky Wall Street Reputation Study, Echo Research completed 151 interviews with
executives and managers responsible for the management and supervision of communications,
investor relations or marketing at large and mid-sized publicly-traded and private financial services
institutions. The companies surveyed included banks, brokerage firms, asset management firms,
insurance companies, real estate companies, credit card companies, mortgage lenders, venture
capital firms, credit unions and financial technology firms. Respondents participated during
May 2013. The margin of error is +/- 5.0% at a 98% confidence level.
Founded in 1979, Makovsky (www.makovsky.com) is today one of the leading independent global integrated communications
firms. The firm attributes its success to its original vision: that the Power of Specialized Thinking™ is the best way to build
reputation, sales and fair valuation for a client. With offices in New York City and Washington D.C., the firm has agency
partners in more than 30 countries and in 40 U.S. cities through IPREX, the second largest worldwide public relations
agency partnership.
Makovsky Financial Services
Over the past thirty years Makovsky has established a reputation as one of the premier financial services communications agen-
cies in the United States, working with clients in every major sector of this complicated and demanding specialty.
Investment Banking / Commercial Banking / Retail Banking / Brokerage / Asset Management / Wealth Management
Alternative Investments / ETFs / Mututal Funds / Insurance / Financial Technology / Benefits Consulting
About Makovsky
www.makovsky.com / 212 508 9600
16 E 34th Street, New York, NY 10016
Contact: Scott Tangney / 212 508 9661
stangney@makovsky.com