A memo obtained by Bloomberg reveals Citigroup customers are less irritated by their bank than they have been all year, as clients who say nice things about Citi are beginning to edge those that talk trash about it.
The bank’s consumer division is now posting a “net promoter score” of 54 percent, up from 46 percent at the end of 2009. Things like $29 billion in losses over the past couple years and a gigantic government bailout had been dragging on Citi’s reputation, but now maybe things are rounding a bend.
The bank acknowledges it has a long way to go, as a recent independent survey by J.D. Power & Associates gave it low marks in customer service. Plus, Citigroup still has to face down ramped-up government inquiries into the banking sector’s foreclosure practices. Citi has said that it did not employ “robo-signers,” the now-notorious bank employees who cut legal corners by signing piles of foreclosure documents without verifying them, but it has in the past done business with the Law Offices of David J. Stern, a firm that’s currently under investigation by the Florida attorney general. Citi said that it no longer refers paperwork to Stern. Had it not done at least that much, it’s very possible that its current reputational uptick would be subject to serious vulnerability.
mtaylor [at] observer.com | @mbrookstaylor