Goldman Sachs has launched its first advertising campaign in a bid to improve its image.
The company, described in the aftermath of the financial crisis as "a great vampire squid wrapped around the face of humanity", ran its first adverts yesterday that seem designed to show that an investment bank
renowned for its multibillion-dollar deals also loves the small business community.
The campaign is aimed at overhauling public perceptions of the bank.
The adverts carry the strapline "Progress is everyone's business", and the campaign outlines Goldman's "10,000 Small Businesses" plan, which involves investing US$500 million ($678 million) creating jobs and economic opportunity in the US.
It talks of its US$3 billion investment in clean energy since 2006 and its US$27 billion of support for not-for-profit institutions, including schools and hospitals, over the past decade.
A spokesman for Goldman said: "The adverts are meant to reflect the work we do for clients and the effect on the economy as a whole." While he declined to comment on suggestions the group was trying to "PR wash" its image, he admitted some would see it that way.
Advertising experts said the move would be seen as an act of contrition. "Goldman Sachs has taken the first step in putting up its hand and saying: 'We fouled up'," said Tom Blackett, of branding group Siegel+Gale UK.
"The company is trying to present itself as socially useful, but there is a mountain to climb - people will be fairly sceptical about the motives, but if they achieve what they've set out to, it will be extremely laudable."
Anthony Edwards, of marketing group Euro RSCG, said: "This marks a pretty dramatic shift. Goldman's old image was cold and macho. It was all about success and money. Now it is using the language of inclusion.
"It wants to show it is getting involved with all levels of society."
- INDEPENDENT
