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Posts Tagged ‘JPMorgan Chase’

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.

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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.

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‘CR Magazine’ Names Best Corporate Citizens

A Johnson Controls engineer examining a battery that will power a hybrid electric vehicle. Photo: Dan Irving, Johnson Controls

Topping Corporate Responsibility Magazine‘s 12th annual “100 Best Corporate Citizens List” (released today) is Johnson Controls, the industry and technology company based in Wisconsin. The company went from number 22 in 2009 to the top of the list for 2010.

CR determines its best corporate citizens based on their activity in seven areas: the environment, climate change, employee relations, human rights, finance, philanthropy, and government. Overall, companies scored better this year over last.

Rounding out the top five are Campbell Soup, International Business Machines (IBM), Bristol-Myers Squibb, and Mattel. CR also notes those who are under investigation or have a judgment against them from a legal or regulatory body, which excludes that company from the list for the following three years.

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