JP Morgan Chase sponsored and financed NBC’s American Giving Awards which aired on Saturday night. The award and entertainment show was about “celebrating ordinary people doing extraordinary things in communities” and profiled grantee community organizations that received funds from the JPM Chase Foundation.
Chase confirmed it bought eight advertising slots in addition to its overall sponsorship but declined to disclose final costs.
With the sector’s reputation still reeling, financial services firms are creating their own media vehicles to improve their profile. Add in some celebrities and photo ops, and the hope is viewers will retire to bed with kinder thoughts about one of America’s largest banks involved in the mortgage mess.
The PR Verdict: “A Minus” for JPM Chase. This is one step towards improving the image of an industry that has lost trust with the public. Take our poll and have your say. Our view is below.[polldaddy poll=5752246]
Inevitably (and with some justification) this has attracted cynical comment and concerns of corporate whitewashing. On the other hand, initiatives like this create some goodwill with retail clients and give employee ambassadors something positive to say about their firm. Whatever uplift happens in terms of reputation, this is a bonus for the rest of the industry. If sentiment towards JPM Chase shifts, then it is a rising tide that will help carry the rest of the industry.
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