24/7 Wall St.: 10 Brands That Lost the Most Value
2. Goldman Sachs
Pct. brand value decline: 16% (tied for 3rd)
Brand value: $7.6 billion (48th)
Parent company: Goldman Sachs Group Inc. (NYSE: GS)
1-yr. change in revenue: -23.2%
Industry: Financial services
Goldman Sachs' brand has taken a major hit since the financial crisis because of its involvement in the sale of complex collateralized debt obligations and in the Greek debt crisis. The company’s practices returned to the spotlight this March when an executive director in the firm’s London office resigned in a scathing op-ed piece published by The New York Times. Smith said, “The interests of the client continue to be sidelined in the way the firm operates and thinks about making money,” and he noted that managing directors would often refer to clients over email as “muppets.” Revenue in the first half of 2012 was at its lowest level since 2005 due primarily to weak trading volume. The company responded by cutting pay by 14% during the first six months compared to the previous year and reducing its headcount.
(AP Photo/Richard Drew)
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Brand value: $7.6 billion (48th)
Parent company: Goldman Sachs Group Inc. (NYSE: GS)
1-yr. change in revenue: -23.2%
Industry: Financial services
Goldman Sachs' brand has taken a major hit since the financial crisis because of its involvement in the sale of complex collateralized debt obligations and in the Greek debt crisis. The company’s practices returned to the spotlight this March when an executive director in the firm’s London office resigned in a scathing op-ed piece published by The New York Times. Smith said, “The interests of the client continue to be sidelined in the way the firm operates and thinks about making money,” and he noted that managing directors would often refer to clients over email as “muppets.” Revenue in the first half of 2012 was at its lowest level since 2005 due primarily to weak trading volume. The company responded by cutting pay by 14% during the first six months compared to the previous year and reducing its headcount.
(AP Photo/Richard Drew)
More From 24/7 Wall St.:
America's Worst Companies to Work for
The Most Educated Countries in the World
America's Richest States
The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
