It’s not all good news on Wall Street these days. That’s because despite an improving economy and recent record highs in the stock market, nearly half (44%) of financial services companies lost 5% or more business in the past 12 months because of ongoing reputation and customer satisfaction issues, according to new findings by PR firm Makovsky.

The losses are based on total sales of these companies and are estimated at hundreds of millions of dollars. There was an average loss of 9% of business among all companies surveyed, including banks, brokerage firms, asset management firms (mutual funds, venture capital firms), insurance companies, real estate companies, credit card companies, mortgage lender, credit unions and financial technology firms.

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