Journalists say credibility biggest challenge for financial sector

Financial journalists believe the financial sector's biggest challenge this year will be proving its credibility, according to the second annual Backbay-Marketwire Financial Services Reputation Survey.

Financial journalists believe the financial sector's biggest challenge this year will be proving its credibility, according to the second annual Backbay-Marketwire Financial Services Reputation Survey.

Eighty-two percent of journalists said credibility would be the biggest issue in 2010, an increase compared to the 66% of journalists who reported the same in last year's survey.

Not surprisingly, 83% of the reporters surveyed said the reputation of the financial services sector has declined over the past year. And 64% said they don't expect conditions to improve in the first half of 2010.

The journalists offered some tips for the sector, with 79% of journalists saying that firms that make their executives available for comment have a better chance of receiving positive coverage.

BackBay president Bill Haynes said in a statement: “Journalists are always looking for competent, trustworthy sources with fresh news and insights to share on their company and the industry, who are also willing to be honest and forthright when their companies are facing difficulties.”

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