Washington, May 5: Companies operating in the financial services industry reportedly comprise the list of firms with weakest reputations in America.
According to 24/7 Wall Street, this year, Bank of America, AIG, Goldman Sachs, and J.P. Morgan Chase all had some of the worst reputations among the nation’s most visible companies.
In a bid to stabilize the US economy in wake of the 2008 financial crisis, the federal government granted funds to each of these firms to help them deal with their monetary crisis.
While some of the worst reputed companies did not have customer facing lines of business that helped them conceal their status for at least a little while, a number of the companies with the worst reputations, however, did have customer-facing lines of business.
Many of these companies including Sears, DISH Network, Sprint, and two major banks – Bank of America and J.P. Morgan Chase, scored poorly when it came to providing customer satisfaction, measured by the American Customer Satisfaction Index (ACSI).
A high share of customers also gave DISH and Bank of America a “poor” grade for their customer service, according to a survey published by MSN and conducted by Zogby Analytics.
However, some of the financial sector companies have successfully improved their rankings and AIG, Goldman Sachs, Wells Fargo and Citigroup are considered the four largest gainers.
Robert Fronk, senior vice president at Neilson says that while challenges for the financial sector persist, perhaps there is a sneak peak of light coming through the dark cloud that has hung over the industry the last five or six years.
To determine America’s least reputable companies, 24/7 Wall St. reviewed the Harris Poll Reputation Quotient (RQ), which has measured how Americans perceive the most visible U.S. companies every year since 1999.
Below is the list of the worst reputed companies:
1. Bank of America
5. Dish Network
6. Goldman Sachs
9. JP Morgan Chase