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At both the Democratic and Republican conventions, the nation’s biggest banks were cast as the bad guys and criticized for being too big and too risky. DealBook outlines some of the publicity campaigns launched by Citigroup, Bank of America, and JP Morgan to sway public opinion.
Investors are also questioning whether big banks can ever again increase returns in such a heavily regulated industry, driving down some of their share prices while most of the stock market rallies. “I don’t think there is any one magical thing they can do to improve their image,” said Donald Kohn, a senior fellow at the Brookings Institution and former vice chairman of the Federal Reserve Board. “That’s going to take time. People are going to have to see that the banks are safer, that they are not enjoying any implicit public subsidies.”
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