Bank of America is most valuable 2011 banking brand
The Bank of America has been named as the most valuable banking brand in the world in 2011, according to the fifth edition of the BrandFinance Global Banking 500.
Wells Fargo and Co was placed second in the annual review of the top banking brands in the world.
HSBC was the most valuable British banking brand, being placed as the third most valuable banking brand in the world.
Barclays bank was placed as the seventh most valuable banking brand in the world and its brand value has increased 34 per cent to $17,358bn, the largest brand value increase of UK banks.
Many of these larger institutions have attempted to directly address their recent perceived failings, from Goldman Sachs’ 39 recommendations and proposed restructuring, to Credit Suisse lowering the threshold for deferred bonus restrictions for its employees, according to BrandFinance.
Investors remain twitchy about the full extent of further write-offs and the introduction of more stringent legislation across Europe.
However many brands have directly tackled their reputational issues and been rewarded with both increases in brand value and stable or enhanced Brand Ratings.
This contrasts with the Irish banks, who have suffered substantial falls in both brand values and ratings. This is due to their ongoing funding difficulties and the market’s reaction to the European Union and IMF bail-out.
The BrandFinance global banking 500 contains 90 American banks and 20 UK banks.
David Haigh, chief executive of Brand Finance, said: "The top tier of the BrandFinance Banking 500 demonstrates that some banks are pursuing an intelligent brand strategy in salvaging their reputations, whereas others are making only superficial, less effective efforts.
"Banking brands have never previously been subjected to such high levels of consumer, client and political scrutiny.
"However, it is possible that some banks will struggle in the short to medium-term as their business strategy fails to deliver on their revised brand and communications mandate."