NEW YORK (AdAge.com) -- Taking a government bailout, getting hit with accusations of fraud and now a class-action discrimination suit have all led to Wall Street powerhouse Goldman Sachs' steep decline in public reputation. According to YouGov, at one point it fell further than even BP and Toyota. But now that it's settled with the Securities and Exchange Commission, Goldman is trying to put a new face on the company -- one that associates Goldman with companies such as clean-energy firms and with the creation of jobs.
The ad to the left is the first in an ad campaign by Y&R that broke in major papers such as The Wall Street Journal, and is expected to unfurl into a much larger effort over the next few months. A company spokesman, who noted Goldman's key agencies are Y&R and Ogilvy, said the new campaign is part of the company trying to "promote a better understanding of who we are and what we do."
Banks and brokerages are working overtime to regain consumer confidence. According to a Kantar Media report, between June 2009 and June 2010 advertising expenditures in the financial-services industry jumped more than 11% to more than $3.8 billion.
What do you think? Does Goldman have a shot at winning back consumers' trust with its new campaign? Tell us in the comments below.