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Posts Tagged ‘Scott Tangney’

Makovsky Study: Reputation Problems Continue to Plague Wall Street

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The latest Wall Street Reputation study from Makovsky Integrated Communications is in, and its results won’t surprise many.

In short, the financial industry still suffers from the effects of the 2008 financial crisis–and 81% of communications executives at Wall Street firms believe that this fact continues to damage businesses’ reputations as well as their bottom lines.

This isn’t just about political populism, either: it affects shareholder perceptions.

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Survey: Majority of Fortune 1000 Executives Support Financial Reform

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A new survey from PR and investor relations agency Makovsky + Co reveals that a majority of Fortune 1000 executives support financial reform. In fact, only 28% of senior executives, on average, believe proposed financial reform legislation will have a negative impact on the U.S. economy.

The survey, commissioned by Harris Interactive, also found the following:

72% support regulating credit rating agencies
69% agree with proposals to close regulatory loopholes for derivatives and other complex investment packages
68% support the creation of a consumer protection agency
66% back the formation of a new regulatory agency to assess risk at financial institutions
66% agree with strengthening bank supervision

“Given the backdrop, and the fact that the survey also shows that 64% of executives believe the U.S. is on the wrong track, the financial crisis and slow economic recovery may still be at the root of executive concerns, thereby correlating with their support for financial reforms as a remedy,” said Scott Tangney, Executive Vice President and head of the financial and professional services practice at Makovsky + Company.

Makovsky counts Citibank-Citicorp, JPMorgan Chase and Merrill Lynch as clients. Full release after the jump.

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The PR Takeaways From Obama’s Wall St. Speech

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President Obama came to New York yesterday to speak in front of 700 political and business leaders on the topic of financial reform.

As Liz Moyer wrote in Forbes, “Goldman Sachs executives know how to put on a good PR show. They attended President Obama’s speech in New York on Thursday, much to the surprise of some, even though rivals steered clear.”

While PR agency owners debated this week on Goldman’s PR strategy and how “open” they should be moving forward, Obama said to the entire industry, “I want to urge you to join us, instead of fighting us in this effort.”

How does this change things and frame the financial reform debate moving forward?

“I thought he did a good job, but some of the language was pungent for effect. ‘Reckless practice rampant,’ ‘Financial weapons of mass destruction,’ ‘deviant,’ ‘highly leverage,’ ‘loosely monitored,’ etc. It remains to be seen how the bill looks after it gets done later this Summer. The fun is yet to come,” Scott Tangney, Executive Vice President at Makovsky & Company told PRNewser. Makovsky counts Citibank-Citicorp, JPMorgan Chase and Merrill Lynch as clients.

However, the New York speech is of course not the only place the Obama administration is getting out its message. As Dallas Lawrence, chair of the social and digital media practice for Levick Strategic Communications wrote:

For much of the last month, Obama’s digital team has engaged in a paid advertising effort that targets a variety of key search terms–such as “Goldman SEC”–on the leading search engine, and it has integrated that paid SEM initiative with numerous online campaign tactics.

Many of the financial PR executives we’ve spoken with agree that Goldman and other firms need to open up, but the question remains: just how much? “In general, Wall Street will be more focused on showing and telling how it helps Main Street. That been my recommendation for Goldman Sachs all along,” said Tangney.

Despite Lowering Bonuses, Goldman Sachs’ PR Woes Continue

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Goldman Sachs announced today its “richest quarterly profit in the investment bank’s 140-year history,” according to The Wall Street Journal.

Despite profits of $4.78 billion for Q4 2009 — more than JP Morgan, Merryl Lynch, Bank of America and Citigroup combined — the firm’s $16.2 billion in employee compensation was the “lowest ever compensation to net revenues ratio,” said CEO Lloyd Blankfein [pictured].

While $16 billion may be low for Goldman, it’s a fortune for anyone else. Will the move do anything to help the company’s reputation?

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