In a recent poll by American Banker, financial institutions scored second to last in industry reputation. Who could possibly be worse? Congress. For banks, this is not good.
In many ways the financial industry let down the American public leading up to and through the financial crisis. Greed overwhelmed prudence and gave way to the systemic near-collapse we are all now familiar with. Things only got worse as the crisis progressed and then abated, with bad behavior becoming the expectation for banks, which now seem to be constantly on the defensive.
In the video below, Motley Fool contributor Jay Jenkins discusses the survey's results and its implications for the largest U.S. banks like Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), and JPMorgan Chase (NYSE:JPM).
Fool contributor Jay Jenkins has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. 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.