Thursday, February 16, 2012

BofA's reputation suffered in 2011, Harris says

Bank of America's reputation among consumers fell more than any other company's in 2011, according to an annual study from Harris Interactive. The Charlotte bank's performance capped a terrible year for corporate America -- and the financial industry in particular -- in the public's eye.

Harris Interactive determines a company's "Reputational Quotient" based on interviews with 17,000 people about their views of the company's service, financial performance, leadership and other measures. This year, Bank of America's index fell to 49.85, down from 59.83 last year.

A score below 50 represents that a company has "reached such a low point that their viability may be called into question," Harris executive vice president Robert Fronk said in a video explaining the results. Twelve companies have fallen below the point in the 13 years of the poll, and 10 of them -- like MCI, Enron and Fannie Mae -- have failed or been taken over by the government.

It is definitely possible for a company to rehab its image, Harris said. General Motors and Toyota have both dramatically improved in recent years.

While Bank of America received decent marks in financial performance, it suffered mightily in its "emotional appeal," which involves trust and respect.

"The general public believes that Bank of America has been more concerned with operational and financial recovery than with customers and rates the bank low in levels of trust, ethics, and customer service," the company said in a news release. "In order to rebuild their reputation, Bank of America will need to engage beyond this functional rebound."

It was a bad year for corporations' reputation in general. Only 20 percent said corporate America's reputation is positive. Financial firms were particularly buffeted.

Goldman Sachs and AIG joined Bank of America with sub-50 scores.

Apple took the top spot with a score that set an all-time high. Google finished second.


Anonymous said...

Buying as much of their stock as I can afford every week.

ExBanker said...

Better dump that stock while it still carries a few dollars worth, as it will be worthless in a year or so.

Anonymous said...

Blood Suckers Karma

Anonymous said...

exbanker - That is why you are an ex banker and not a banker. BofA is worth more than their stock in assets. Im guessing you don't have a better track record than Warren Buffet

Anonymous said...

You don't know preferred stock from livestock. Lunch is for wimps and that's why I'm going to come down there and eat yours.

Anonymous said...

"You don't know preferred stock from livestock"
Preferred stock isn't going to save anyone including Warren in a Bankruptcy. And if it aint bankrupt aint bankrupt. if you have a better track record than Warren let us know

Anonymous said...

To 8:41 AM

I'm up over 147% in the last three years. So word to you and your Mother.