Does Banking Deserve Its Bronze Medal From the WSJ?

Even though banking sits at the very bottom of this group, seventeen places behind the second place computer industry in Gallup's report, (and tied with advertising and PR in the 19^th place), with a net positive rating of just 2%, it brings home a medal. 

Is this 19^th place Gallup showing of banking deserved? Other opinion research suggests so.

Consumer confidence in finance, banking, financial services or stock brokers, including  The Wall Street Journal's own research, indicates that investor distrust from the financial crisis persists eight years later.

The WSJ surveys of consumer confidence in "the financial industry" from 2008 to 2014 report a tiny uptick from a very low positive rating, 10% to 13%. Meanwhile, Gallup surveys of stock brokers from 2008 to 2015 report virtual stagnation, from 12% to 13%. In a 2014 Harris survey, 50% of respondents reported they had "less" trust in "Banks" relative to "the past few years" and 9% said they had "more" trust. In 2012, the Atlantic / Aspen survey asked if executives of large Wall Street banks "share the same fundamental values" or have a "a different set of values." By 79% to 17% consumers said Wall Street executives have different values. 

No doubt banking, finance and stock brokers often get bum raps that hurt their reputations. The problem, though, is when leading voices in finance attribute any reputational problems they have to a few bum raps and then appear to believe that all criticism is essentially unfair or "without merit". Resentment of any criticism can become the norm. Any chance to overlook weaknesses, booster industry morale, criticize the critics or exaggerate positives is grabbed.  

The Journal takeaway, "Americans are more invested in the resilient private economy than in their public leaders." This is true and important. But it blows a huge opportunity to reinforce a more fundamental takeaway from the Gallup report. 

What if the Journal instead concluded by asking finance leaders, "How can banking continue its indispensable role 'investing in the resilient private economy?y' when it sits alongside "Madmen" in public confidence, while its newest competitor is nestled in the Silicon Valley halo 3000 miles and 51 percentage points away?