Finance

March 12, 2019

“Between 2011 and 2016, under pressure to meet sales targets, Wells Fargo employees fraudulently opened millions of bank accounts for customers without their consent. Mr Sloan was appointed chief executive in October 2016 to clean up the mess. So far, his efforts have disappointed regulators.” Economist Espresso March 12, 2019 Mr. Sloan’s “efforts have also …

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March 9, 2019

“According to Mr Solomon and co, Goldmanites must still dress “in a manner consistent with your clients’ expectations”. It’s heart-warming to learn than the bank takes the concerns of its muppets — sorry, clients — so seriously. The Malaysian government is currently suing Goldman for involvement in a multibillion-dollar fraud, which the bank denies. But …

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March 8, 2019

“After months of debate, the Australian Securities Exchange last week dumped a proposal to include reference to a “social licence to operate” in its updated Corporate Governance Guidelines. “Politically correct” or not, the phrase is an accurate metaphor for the reality that companies that disregard the values of the societies in which they operate run …

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March 6, 2019

“Steel City Re, a Pennsylvania-headquartered risk management company, has announced the launch of a new website that will act as a source for reputation risk essentials for corporate, governance, risk and regulatory professionals. For insights, visit steelcityre.com/category/newsworthy/. ‘Reputational risk is a concern for every company, organization, or individual in corporate leadership,’ said Nir Kossovsky, CEO …

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February 6, 2019

Deutsche Bank rejected a loan request from Donald Trump in early 2016 after deciding the reputational and financial risks were too high, according to a person familiar with the matter….The request was discussed and ultimately rejected unanimously by Deutsche Bank’s group reputational risk committee. February 6, 2019Financial Times A loan request from Donald Trump in …

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November 16, 2018

“Strength and vulnerability are reputational issues. Stakeholders – from customers to politicians to Main Street citizens – will be judging whether the institutions they’ve known and trusted have, in fact, lived up to their expectations November 16, 2018Banking Exchange Generalized anger poses a reputational threat to banks that many hold responsible for the events a …

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November 9, 2018

Wells Fargo seeks to ax auto insurance stock-drop suit arguing that no duty to disclose the issue sooner has been shown and that the bank’s statements about its transparency efforts were “corporate puffery.” November 9, 2018Law360 Defending in an investor suit, Wells Fargo claimed statements about its transparency efforts were “corporate puffery.” Reputation risk is …

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October 8, 2018

“I think the reputation piece will take another 5-10 years – and that’s what it is when your reputation gets tarnished so badly.” October 8, 2018BT “There are two things that any financial service organisation has…financial strength and…reputation.” Reputation risk: The peril of loss from angry disappointed stakeholders. Reputations are valuable strategic intangible assets. Threats …

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September 20, 2018

CBC News September 20, 2018 #Reputation #risk has a long going-forward tail. Danske Bank “with its shares falling by 8% following the release of the report, also lowered its #expectations for annual net profit” by 5 to 20%. “Danske Bank has failed to live up to its responsibility…I deeply regret this.” Reputation risk: In the …

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