Survey: Executives lose trust in service providers

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New York—Senior business executives have lost trust in a wide array of service providers in the past year of economic turmoil, according to a survey by the Financial Times and Doremus Decision Dynamics.

The online survey, which has been conducted annually since 2003, queried 470 senior executives around the world in July.

Advertising and communications partners were down 10% in trust, according to the survey. The following categories also saw declines: commercial banks (-31%), investment banks (-29%), management consulting (-17%), insurance (-15%), telecommunications (-11%). auditors (-7%), tech consulting (-6%), software (-5%) and hardware (-3%).

“To thrive in the long term, worldwide corporate executives realize there's no cutting corners when it comes to using some suppliers,” Carl Anderson, CEO of Doremus, said in a statement. “Taking into account the general lack of trust for service providers across the board, the opportunity lies with those that provide what is deemed ‘business critical.' ”

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