Branding

Bankers: The new lawyers

Wall Street

Wall Street AP

Slagged by politicians and lampooned by comedians the world over, bankers struggle to rebrand themselves

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Jennifer MacMillan

Globe and Mail Update

Barack Obama says they lack “a certain humility.” France's finance minister says their bonuses are still “an absolute disgrace.” Even comedy clubs are getting in on the act as bankers replace lawyers as the butt of their jokes.

While Canadian bankers have been spared because there has been no crisis here, their global counterparts have had to put up with barbs and jokes since the financial meltdown began. And the affronts show no sign of letting up.

French Finance Minister Christine Lagarde yesterday criticized banks for continuing to pay hefty bonuses despite the meltdown.

A day earlier, Mr. Obama told NBC's Today show that while some of the major U.S. banks have repaid federal bailout money,there hasn't been a change in culture “where they kind of step back and say, ‘Gosh, you know, we really messed things up.'”

The crisis has also inspired a brand of humour dedicated to making fun of bankers, spawning comedy troupe Second City's current show, 0% Down, 100% Screwed . It has been drawing big crowds since it opened in Toronto in March, said Second City president Tom Yorton. Watch the trailer

“The villain du jour is the financial world,” he said. “The lawyers should go buy the bankers a drink to say, ‘Thanks for getting us out of the spotlight for a few months.'”

While some bankers have kept to the shadows, others have moved to trumpet their strengths.

The lawyers should go buy the bankers a drink to say, ‘Thanks for getting us out of the spotlight for a few months. — Second City president Tom Yorton

A television spot by Barclays Capital in the United States, for example, shows a man running through Manhattan, discovering that everything on Wall Street is just a facade. Only at Barclays – which didn't take bailout funds – does he find a real person.

“These are strange times in finance: Everything seems to be built on hunches,” says a voiceover. “Is it too much to ask for a little insight and sound judgment? Maybe it's our devotion to these principles that's made us more substantial.”

And JPMorgan Chase, which recently repaid its share of bailout funds and last week reported a $2.7- billion second-quarter profit, has been running a campaign dubbed “The Way Forward” in newspapers and online since last year. The ads and website aim to convey that the bank is healthy and promoting recovery.

“The goal is to demonstrate that we understand our responsibility to our shareholders, customers and the broader community,” said spokeswoman Jennifer Zuccarelli. “We want to show how we have been engaged, helping to keep the financial system running throughout the crisis.”

Meanwhile, GMAC Bank, part of the onetime finance arm of General Motors Corp., has rebranded, renaming itself Ally Bank and launching an ad campaign focused on delivering “straight talk.”

“It's gotten a lot of notice,” said Leslie Gaines-Ross, chief reputation strategist at Weber Shandwick, a consultancy in New York. “The message is all about, ‘We're here with you.'”

Everyone loves to hate their bank – it's a classic thing. And [banks] have to go out of their way to offset that. — Bev Tudhope, chief executive of Interbrand Canada

Ms. Gaines-Ross said Ally Bank is pushing forward, while most competitors in the United States are still trying to adjust to the upheaval of the last 18 months.

“Many of them are still swallowing their mergers and acquisitions,” she said. “But slowly but surely they're starting to focus on rebranding.”

Promoting a solid brand has become to be a priority for many U.S. financial institutions like never before, says Bev Tudhope, chief executive of Interbrand Canada.

“There's been a phenomenal erosion of trust because of the financial services meltdown,” he said. “Everyone loves to hate their bank – it's a classic thing. And [banks] have to go out of their way to offset that.”

Meanwhile, Canadian banks are facing a different marketing challenge, says Len Kubas of Kubas Consultants.

“I think it's really important for the Canadian banks to say ‘Hey we're different, we're not like those American guys. We're better, we're more conscientious and we're on your side.'”

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