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Posts Tagged ‘Lucas Van Praag’

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

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Goldman Sachs Hires J.P. Morgan PR Exec. David Wells

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Goldman Sachs is adding to its PR team with the hiring of David Wells, formerly head of marketing and communications for Europe, the Middle East and Africa at J.P. Morgan.

Wells will join Goldman Sachs as a managing director. Prior to J.P. Morgan, he held editorial positions at the Financial Times and Bloomberg. Wells will officially join Goldman in three months and report directly to chief spokesman Lucas Van Praag.

Goldman hired democratic strategist Mark Fabiani in late April, while the company’s top executives testified in front of Congress in regards to SEC fraud charges. The investment bank also works with agency Public Strategies.

Goldman Sachs’ Public Rebuttal of The New York Times (Part Two)

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Last time Goldman Sachs was unhappy with a New York Times article on the firm, PR chief Lucas van Praag took to the Huffington Post and wrote a detailed rebuttal of the story.

Now the company is turning to its own website for rebut another Times story published yesterday, titled, “Clients Worried About Goldman’s Dueling Goals.”

In this post, Goldman outlines questions asked by Times for the story, and highlights what Goldman says were its full answers, versus which quotes ended up in the Times’ story.

What’s interesting is that there is no name attached to Goldman’s response this time around.

New Citigroup PR Chief’s Salary Tops $1M

The Wall Street Journal picks up on Citigroup hiring New York deputy mayor Edward Skyler to run the company’s communications.

He’s getting a big raise:

Mr. Skyler, who currently earns $212,614, will have a pay package expected to top $1 million including benefits.

This puts Skyler in a club with financial PR executives like Goldman Sach’s Lucas Van Praag. Do you know any other seven-figure financial PR executives? Let us know.

Goldman Sachs Hires PR Firm Public Strategies

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At one point in time, it seemed as if every PR firm was jockeying to score what could be the biggest financial services account in all of the land: Goldman Sachs.

Today we learn that at least one firm is benefiting from Goldman’s image troubles. WPP-owned Public Stategies — led by Dan Bartlett, former counselor to President George W. Bush — has been hired by the firm, reports the New York Post.

The news likely could have leaked because Public Strategies issued a survey to Goldman clients and analysts who cover the company, asking them what they think of the firm.

The Post reports Goldman CEO Lloyd Blankfein [pictured] is upset that the company’s well-compensated PR head, Lucas Van Praag, has been the center of criticism as of late.

Moves such as lowering employee bonuses this year and donating $500 million to U.S. small business have done nothing to improve the firm’s reputation.

Goldman’s website lists a number of agencies for global PR support — including Manning, Selvage & Lee and Ogilvy PR — however, no outside firms for North America are listed.

Public Strategies was unavailable for comment as of the time of this post.

RELATED: Richard Wolffe Leaving Public Strategies To Write Obama Book

Goldman Sachs’ PR Strategy: ‘A Stiffly Extended Middle Finger’

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The New York Observer‘s Max Abelson takes a deep look into Goldman Sachs’ PR head Lucas van Praag. The piece is perhaps less hard hitting than Charlie Gasparino‘s, which was published in The Daily Beast this past December, where Gasparino wondered if van Praag’s job security was threatened.

Abelson says that van Praag and Goldman continue to come off as too arrogant in their communications:

It isn’t just that the cooed-over firm has become the iconic scoundrel of an entire era. It’s also how much worse they’ve made things for themselves with a continuing communications and PR policy that’s basically a stiffly extended middle finger, waved in the air for all to see.

Howard Rubenstein, who declined to comment on Van praag or Goldman in particular, told Abelson, “In any crisis, the spokesperson, or the head of the company, has to proceed with modesty.”

Goldman Sachs PR Head Responds To New York Times Via Huffington Post

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In his first byline for the Huffington Post (and first blog post ever?), Goldman Sachs Head of Corporate Communications Lucas van Praag uses the platform to counter a New York Times story, “Testy Conflict With Goldman Helped Push A.I.G. to Edge.”

In a byline titled simply, “Goldman’s Response to the New York Times,” van Praag begins by stating “theories” in the article are “contradictory and many of the supporting ‘facts’ don’t stand up to serious scrutiny.”

He then goes on to specifically address 10 NYT assertions, as he calls them, followed by Goldman’s rebuttal.

Reuter’s Felix Salmon is a fan of the tactic:

A blog entry is pretty much the perfect medium for reacting to a story in the press: you can link to the story in question, quote various bits, and respond to them at whatever length you like. What’s more, from a PR person’s perspective, a blog entry is unfiltered: you don’t have to rely on partisan journalists to communicate what you’re saying in an accurate manner.

We’re curious to get your take on the post and this tactic. Have you employed it with success?

Goldman Sachs’ $1 Million PR Man

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It was only a matter of time before a Lucas Van Praag feature story popped up, and we have one today, by CNBC’s Charlie Gasparino in The Daily Beast. Van Praag runs PR for Goldman Sachs, and is facing quite the challenge of managing the brand’s reputation through perhaps its most trying times.

Sources told Gasparino Van Praag is well respected at Goldman, and his job is safe, for now. However, a “shift in public-relations strategy is in the works,” including bringing on more online and broadcast media consultants. Of course, this is one reason why every agency CEO has been offering free advice to the firm via blog posts and other public statements. They are all salivating at what could be the largest financial services account in the country.

Gasparino also reports what many have assumed. Van Praag is the “highest paid flack on Wall Street and one of the top-earning mouthpieces in all of corporate America, with an annual compensation that has (particularly during the good years) well exceeded $1 million.”