Big Banks Have the Worst Reputations, and They Deserve Them

By Jay Jenkins – Jul 14, 2013 at 8:09PM

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Charles Schwab

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A recent reputation survey of banks points to what we all already knew: Banks don't have the best reputations among consumers. But despite the generally sobering results, a few success stories point to best practices for the industry to follow.

The headlines have become all too familiar. A mega bank engulfed in scandal as a rogue trader loses billions. Robo-signers foreclose on homes by the thousand. A CEO ousted after losing a board room showdown.

American Banker recently published its 2013 Reputation Survey and confirmed what should aleady be obvious: After five years of public relations nightmares, consumers don't think so highly of the megabanks like Bank of America (BAC -1.67%). However, there are springs of hope, particularly for the regional and non traditional banks.

In the video below, Motley Fool contributor Jay Jenkins discusses the success stories like Union Bank (a subsidiary of Mitsubishi UFJ Financial Group (NYSE: MTU)), SunTrust (STI), and Charles Schwab (SCHW -1.08%).

Fool contributor Jay Jenkins has no position in any stocks mentioned. The Motley Fool recommends Bank of America. The Motley Fool owns shares of Bank of America. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.