JPMorgan, in terms of company familiarity, ranked beneath Bank of America, Fidelity, Wells Fargo, Charles Schwab, and Merrill Lynch, according to a fourth quarter wealth level study of Millionaire households conducted by Millionaire Corner. That has surely changed over the last few days
Google “JP Morgan” and topping the 174 million results are the latest developments in an unfolding scandal involving more than $2 billion in losses, and the subsequent fallout that has already seen the accepted resignation of the chief investment officer Ina Drew, with more executive exits expected this week. Company CEO Jaime Dimon appeared in “Meet the Press” on Sunday to proclaim that the company is still “very strong and well capitalized.”
The company’s shareholder meeting is Tuesday. Meanwhile, the scandal has rekindled the debate of bank industry regulation.
According to our investor survey that measured perceptions of advisors, JPMorgan enjoyed a solid reputation. It ranked 12th among banks that enjoyed a more positive perception than three years ago, and 10th among providers that investors said they would be most likely to start or increase usage of this year.
It ranked highest among respondents (8th) who were asked which providers were most likely to fulfill the needs that they have.
How will the present turmoil impact the company’s standing? Does it even resonate with ordinary customers? And what can a company mitigate the damage in this digital age where “you are what Google says you are?”
This from Cliff Stein, general manager of Pennsylvania-based Reputation Changer, one of a growing number of online reputation management companies created to try and keep negative news and impressions at bay.
These companies strategize to accentuate the positives (with timely, positive press releases or blogs, for example) and suppress the negatives using SEO that will banish such news and gossip off the first pages of the search engines. “Ninety-five percent of people never go past page one of online searches,” Stein told Millionaire Corner. “Ninety-eight percent never go past page two.”
As with any company, tainted by scandal or not, JPMorgan has “a long laundry list of reasons for their reputation to look strong,” Stein said, but as the influence of traditional media wanes, or at least as scandals become yesterday’s news, it is on the Internet that a company’s profile is formulated. “That’s why we do what we do,” he said.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.