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1 Aug, 2012

Global Banking Greed Responsible for Financial Crisis and Only Set to Get Worse


Basingstoke, UK (PRWEB UK) 31 July 2012 – Global banks have been in varied scandals now for many years and as UBS has announced that they have lost millions due to a poor investment into social media website Facebook, Marketing Quotes asks why nothing is being done to protect customers. Since 2007, most banks have been loosing money either due to risky or poor investments, and mainly this is due to making short term gains.

Anne Richards of Marketing Quotes commented: “Lloyds TSB are the official banking partner to the London 2012 Olympics, an event that so far has cost £9bn, and since the Olympics are having problems selling tickets, the marketing gamble by Lloyds Group looks like another risky investment. According to the recent article on the BBC website, UBS have reported they have lost millions due to investing into the social media website Facebook, again, another example of a risky investment that customers will end up paying for. Why is it that nothing is being done about banks, despite all the media hype and poor feedback they are getting, it still appears to be business as usual.”

Marketing Quotes is a price comparison site for UK marketing companies, and has noticed the massive amount of TV adverts and PR campaigns by numerous banks and financial institutions. Global banks spend huge amounts of their marketing and advertising campaigns to project a strong corporate image to their customers.

Marcel Blackburn (who works with many of the advertising agencies at Marketing Quotes) added, “We work with marketing and advertising companies all around the UK, so know the various marketing campaigns that banks and financial companies use, and they are all to project a very positive image. The thing is that the marketing campaigns are working really well, despite reports of banks making huge losses, or being involved in various scandals, their customers seem fairly happy just to let things tick on. However unless something is done, there is not going to be a change, and investment tactics are going to continue, meaning losses could equally continue.”

Anne Richards added “Surely it is global banking greed that is responsible for the financial crisis, and looking at the recent losses by UBS in Facebook, things are not going to change unless something is done.”