Guilty by PR Association: 86% of Financial Services Pros Say 2008 Still Impacts Reps

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By: Bulldog Reporter

Nearly a decade after the 2008 financial crisis, many financial services companies are still feeling its impact when it comes to reputation, according to new research from integrated communications firm Makovsky, which recently released its 2016 Wall Street Reputation Study. The study—which surveyed communications, marketing and investor relations professionals from across the financial services industry—shows that despite the financial recovery, 86% of respondents say that the perception of their company is still being impacted by the financial crisis.

“The data makes clear that the financial crisis remains the prism through which Wall Street is viewed and judged,” said Doug Hesney, executive vice president at Makovsky, in a news release. “The collapse of Lehman, and all that came afterwards casts a long shadow over the reputation of the entire financial industry. Despite some headway, it is clear that these institutions must continue to persistently address reputational issues.”

Consumers are also still feeling the impact of the 2008 crisis and resulting recession. In fact, the annual Makovsky study showed that an increasing percentage of U.S. consumers reported issues with savings and spending as a result of the financial crisis. According the survey, 33% of consumers—up from 29% in 2015—say that they are not able to save as a result of the crisis, instead living paycheck-to-paycheck. A third (32%) have had to make significant spending cut-backs, up from 26% in 2015. The vast majority (91%) remain concerned about the possibility of another crisis in the future.

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