TVNewser AgencySpy TVSpy LostRemote FishbowlNY FishbowlDC SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Posts Tagged ‘Jamie Dimon’

Top Bankers ‘Accept’ Pay Cuts. Will the Public Forgive and Forget?

You don’t have to be a public relations expert to know how the public feels about the banking industry. We hate it–like “record low” opinion polls hate it. In fact, we hate all of it—from hidden banking fees to that one time when banks almost destroyed everything good on the planet with their greed, obfuscation and wildly irresponsible practices.

And then there are those financial industry executives and their astronomical multimillion dollar salaries and bonuses. (There’s an app for that, by the way. It claims to compare bonuses for execs at the world’s biggest banks, and it can be yours for the appropriately inflated price of $11.99.)

The public doesn’t have a problem with people acquiring wealth through diligence, intelligence and sweat equity, but we loathe watching the economy sink into a financial abyss while those in charge shop for their own private islands.

Ever since the early days of the recession, the public never fully understood how people doing such a terrible job could be paid so handsomely. There appeared to be rules at play that don’t apply to the rest of us. Finally, however, the situation is changing. That’s right. Jamie Dimon, chief executive for JP Morgan Chase, had his salary cut in half, to a mere $11.5 million. Good to know he avoided that potential PR disaster.

How will this “pay cut” campaign go over?

Read more

Mediabistro Course

Freelance Writing: Advanced

Freelance Writing: AdvancedGet better assignments, increase revenue, and gain exposure as a freelancer! Starting September 16, students will learn how to promote themselves as a writer on the web and social media, develop relationships with editors, boost their income, and other skills to improve their freelance careers. Register now!

Goldman Sachs Will Address The Court of Public Opinion Now

Today marks a Very Serious Literary Event: the release of Wall Street turncoat/general sad sack Greg Smith’s highly anticipated non-fiction debut, Why I Left Goldman Sachs.

Smith’s book expands upon an op-ed he wrote for The New York Times back in March in which he decried his former employer’s once-noble culture as “toxic and destructive” while claiming to be shocked at “how callously people talk about ripping their clients off”. The article’s best-known revelation was the fact that managers referred to their clients as “muppets”—and not in an endearing Fozzie Bear kind of way.

First the obvious: Most Americans don’t think too highly of Goldman Sachs right now, no matter what Mr. Smith says. When Matt Taibbi of Rolling Stone referred to the company as a “great vampire squid”, he wasn’t just engaging in colorful hyperbole: According to the widely cited YouGov Brand Index, GS remains engaged in a bad-PR battle with JPMorgan Chase to determine which financial organization Americans hate most.

Politicians may have plenty of love for Jamie Dimon and Lloyd Blankfein, but the average “man on the street” feels differently. So how will the biggest name in investment banking deal with its most visible enemy? Until now, the organization has largely ignored Mr. Smith, but a curious internal memo reveals that this is no longer the case.

Read more

Is Libor-gate Another PR Headache for Chase?

JP Morgan Chase‘s team was supposed to represent the good guys—the Jamie Dimon-led superbank was one of the few financial institutions to emerge from 2008’s economic collapse relatively unscathed in the court of public opinion. But the news hasn’t been good for Dimon lately, and it might get much worse very soon.

This week, Bloomberg Businessweek reported that Chase was among seven big banks subpoenaed by the Attorney Generals of New York and Connecticut to testify regarding the ongoing Libor rate-fixing scandal. One thing has become very clear over the past few weeks: The worst offenders in this case are not all based in London. This subpoena strongly implies that the AG’s suspect that top traders at America’s biggest banks were actively involved in the conspiracy.

Read more

Where Have All the CEOs Gone?

CEO visibility, or lack of it, is an ongoing PR issue and one that has been frequently mentioned at media industry events. Examples abound of corporate leaders who are tight-lipped during tough times or deliver misleading comments. Many CEOs only make a public appearance when the news is favorable or prefer to network with each other at gatherings such as the annual summer conference in Sun Valley for media and tech leaders.

Instead of covering this topic in our usual manner, we’re borrowing an alternate approach from Calvin Trillin. As an author, humorist and longtime contributor to The New Yorker, Trillin often wrote poems about politicians and current events. Inspired by his rhyming wizardry, we thought this would be an effective style for tackling the CEO dilemma.

CEO (In)visibility

The problem:

CEOs are ultimately accountable
Even when issues seem insurmountable
In the business world there is constant disaster
If not handled well, things get worse much faster

CEOs collect exorbitant pay
But when crises hit most have nothing to say
Or if they do it is after delay
Or they use stand-ins who get in the way

Richard Edelman, a renowned PR pro
Thinks CEO public face-time has hit a new low

Read more

Jamie Dimon’s Got Reputation Problems

Jamie Dimon is glad it’s Facebook Friday. After a week where JPMorgan Chase revealed a $2 billion trading loss, saw questions about the reputation of the bank and its CEO mount, experienced a drop in financial value and heightened attacks from the pro-regulation camp, was sued by shareholders, and became the subject of an FBI investigation, the man is probably longing for a day off and a stiff drink. With the IPO happening, he can take a breather.

“For a bank viewed as a strong risk manager that never reported a loss throughout the financial crisis, the errors are embarrassing, especially in light of Dimon’s public criticism of the so-called Volcker rule to ban proprietary trading by big banks, and could lead to more heat from Washington on the sector,” wrote CNBC. Yikes.

The question now is what can be done to turn things around.

Read more