Banking blues: UK survey says consumers lose trust as ‘greedy’ and ‘impersonal’ banks fail to offer advice amid financial downturn

London – 26 January 2009 – The full scale of UK consumers’ anger with financial institutions has been revealed for the first time in a new survey released today by communications consultants Cohn & Wolfe.

UK consumers perceive their banks to be ‘greedy’ and ‘impersonal’, according to the Cohn & Wolfe Financial Confidence Survey, which polled 852 consumers in January. The study also revealed that 60 per cent of consumers don’t believe that their bank is looking after their best interests.

New York, London, 26 January 2009 - Wall Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions and services, today announced that its Wallstreet Suite solution has been selected by the Croatian National Bank to help support reserve management operations and achieve compliance with Eurozone standards. Croatia is preparing to join the European Union and Eurozone within the next two years. With around 98% of Eurozone reserves powered by Wallstreet Suite, the solution is viewed as the central banking software of choice.

The Croatian National Bank, headquartered in Zagreb, will deploy Wallstreet Suite to 28 users in their Reserve Management Department.

• 83% of directors feel they cannot trust the sales forecasts they are given
• 72% of directors apply a discount factor of between 5% and 90% to sales forecasts
• 53% of directors believe they do not have the financial resources to survive a 10% shortfall in revenue for three consecutive months
• 50% of directors believe their bank are unlikely provide extra support if it is needed
• NXDs lead the way with the need to focus on cash management
• Research highlights cash management and director compliance issues

Many businesses are running the risk of running out of cash simply because they rely on inaccurate revenue forecasts according to research published today. It highlights that 83% of directors do not trust the sales forecast they are given.

 Serviced office company Avanta is making its national television debut, with its Austin Friars business centre in the City of London playing a starring role in the BBC2’s Million Dollar Traders series, aired throughout 3 weeks in January. 

The programme forms part of the BBC’s City Season, and gives eight ordinary people a million dollars and a fortnight’s intensive training to help prepare them to launch their own hedge fund and try to make their fortune in the stocks and shares market.

The production team and novice traders spent two months filming in Avanta’s 53,000 sq ft building at 23 Austin Friars.  The traders set up camp in one of the buildings grade A office suites, buying and selling in the stock market in an attempt to make their millions.