Financial institutions in the UK have taken a reputational beating in the years since the financial crisis, with trust in bankers and their employers hitting rock bottom among the general public after billions of pounds of bailouts and accusations of widespread misconduct in the pre-crisis years.
Nearly 10 years on from the beginning of the crisis, Britain’s banks are starting to fix their tarnished reputations and regain public trust.
Some lenders are doing better than others, however. A new study from the Reputation Institute gives all of the UK’s top retail banking players a score out of 100.
Scores are calculated by looking at what it calls “seven key rational dimensions of reputation.” These are: products and services, innovation, workplace, governance, citizenship, leadership, and performance.
“The impact from reputation on the business is massive, which is why the leading companies in the world are managing this asset in a systematic way,” James Bickford, the managing director of the institute says in a press release.
Here’s how the major banks rank:
12. RBS — 51.7: Subject to the biggest government bailout during the financial crisis, and still under partial state ownership, RBS has struggled to regain its reputation since 2008. It has, however, seen its reputation increase since last year, the report says.
11. TSB — 60.6: Spun out from the bailed-out Lloyds TSB in 2013, TSB actually drops one place from 10th this year, but its reputation score has increased from 59.7 in 2016.
10. HSBC — 62.6: Europe’s biggest bank by total assets, HSBC is a truly global bank, but calls the UK home. HSBC turned down government assistance during the financial crisis. It’s reputation score increases from 62.1 in 2016.
See the rest of the story at Business Insider
June 04, 2017 at 02:17PM
from Will Martin
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