Corporate Reputation Management: Citibank's Use of Image Restoration Strategies During the U.S. Banking Crisis (Report)

INTRODUCTION Image management is essential to corporations and other organizations, particularly in crisis situations. The financial crisis in the United States, which led to the failure of a large number of banking firms, has made firm reputation management extremely important. More stakeholders exist in bank governance than in non-financial types of businesses due to banks' role in promoting the stability of the economy and the liquidity function. Therefore, loss of confidence in the banking system can cause serious, systemic economic problems. The bailout for the financial industry and the financial rescue packages offered to select large U.S. banking firms as part of the Troubled Asset Relief Program (TARP) and the TARP Capital Purchase Program served to appease some concerns of bank customers and stockholders. However, the economic crisis and its aftermath continue to cause much concern for all stakeholders of banking firms.