Chapter Excerpt, Trust Inc, November 1, 2013
This chapter by Davia Temin in Trust Inc.: Strategies for Building Your Company’s Most Valuable Asset, contains a prescription for how to rebuild trust in the financial markets, even after five years.
REBUILDING TRUST IN THE FINANCIAL MARKETS
Only 22% of Americans trust the financial system, Chicago’s “Financial Trust Index” has just reported. But it doesn’t take an index to tell us that public trust in the financial services industry, as well as the markets themselves, is dangerously compromised. The headlines say it all:
Where Banking Crisis Raged, Trust Is Slow to Return (The New York Times)
Deutsche Bank Says Generation Needed to Regain Trust (Bloomberg)
The Return of the ‘Rip-Off Factor’ on Wall Street (The New York Times)
Losing Faith in American Institutions (The New York Times)
Why You Shouldn’t Trust Any Libor Rate UBS Touched (The Wall Street Journal)
Another Annus Horribilis for Europe’s Banks (The Wall Street Journal)
Why I’m Leaving Goldman Sachs (The New York Times)
Big, Rich, and Wobbly: Wall Street Banks Are Still Sicker Than You Think (The Atlantic)
Though one might think that these headlines ran at the height of the financial crisis – 2008 and 2009 – they did not. They – and thousands more like them – are actually from 2013 and late 2012. Not much has changed in five years. […read more]