How do you feel about the financial institutions you deal with? A report earlier this week of a survey of Wall Street financial services industry professionals, conducted by Labaton Sucharow LLP, might have you a bit leery.
The report notes, for example, that 23 percent of those polled said they’d observed or had firsthand knowledge of wrongdoing in the workplace. Twenty-nine percent believe that financial services professionals may need to engage in unethical or illegal activity in order to be successful. More than one-quarter think the compensation plans or bonus structures at their companies incentivize employees to compromise ethical standards or violate the law, and 24 percent would engage in insider trading if they could make $10 million and get away with it. Twenty-eight percent say the financial services industry does not put the interests of clients first.
Says the report, “We see a powerful and frightening pattern that threatens an already fragile marketplace.” Yikes. Now, on the heels of that, comes Thomson Reuters’ Q2 TRust Index that aims to gauge trust in the top 50 global financials. It leverages technology including its own news and social media sentiment analytics solution, Thomson Reuters News Analytics (TRNA), and its MarketPsych Indices, which provides real-time psychological analysis of news and social media.