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Political Convention Arrows Fall by Goldman Sachs' Side

Article from: 
US
Wed, 03/08/2016 - 14:59
By: 
Ted Marzilli
goldman article

After being vilified at both Republican and Democratic conventions, nothing significant happened to Goldman Sachs’ consumer perception, especially compared to other more serious incidents earlier this year.

The bank’s consumer perception dropped modestly during the Republican convention and rebounded during the Democratic one. With both of them concluded, Goldman Sachs’ perception is back to where it was three weeks ago: still in negative territory, having partially recovered from a bigger perception crisis -- a $5.06 billion fine to settle claims that it misled mortgage bond investors during the financial crisis.

During the Republican convention, delegates screamed the bank’s name in derision at Ted Cruz’s wife Heidi after his controversial speech in which he did not endorse Donald Trump (she used to work there). Bernie Sanders supporters shouted it out repeatedly as a reminder that Hillary Clinton was paid to give a speech to the bank’s employees.

Up until the first half of this year, Goldman Sachs was one of the 10 biggest improvers in consumer perception for 2014 and 2015. In this year’s mid-year ranking, the bank did not make the list, likely stemming from the perception damage sustained from the fine.

To measure perception, YouGov BrandIndex used its Buzz score, which asks respondents: "If you've heard anything about the brand in the last two weeks, through advertising, news or word of mouth, was it positive or negative?" A score can range from 100 to -100 with a zero score equaling a neutral position.

Buzz: Goldman Sachs
Buzz: Goldman Sachs
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