The paper “ Ноw Рubliс Тrust in thе Glоbаl Bаnking Industry Wаs Аffесtеd by thе Glоbаl Finаnсiаl Сrisis оf 2007-2008” is an excellent example of a research paper on finance & accounting. Public trust in financial institutions is a fundamental requirement for their success. This is equally important when the entire global banking sector is involved. However, the way the general public perceives the global banking industry has been subject to frequent changes throughout the history of banking. These changes have been necessitated by the financial and general economic trends that have altered the way the public perceives banking institutions in general.
The recent global financial crisis of 2007– 2008 put the issue of public trust in the banking sector in the spotlight. This research sought to examine the effect of the global financial crisis of 2007-2008 on public trust, the United Kingdom will be the case for this study. The general effects caused by the global financial crisis will eventually have a larger effect on the lives of the public and therefore making the study significant to study. The effects on trust well understood and the likely economic effects on the lives of the public particularly on the banking industry examined. This was achieved by conducting a survey of 30 respondents from the banking industry to find out how public trust in the global banking industry was аffесtеd by the global finаnсiаl crisis of 2007-2008.
The findings showed that the effects are considerable but severely high because there are still avenues to improve. The paper is divided into five sections; the first is an introduction which is an overview of the survey. The second part is the literature review which looks into other literature on the issue of the global banking industry and global financial crisis as well as effects on public trust.
The third section gives the methodology of research. The fourth part is the interpretation and analysis of results. Finally, the last section gives recommendations and conclusion; here the strategic options to mitigate the effects are highlighted. CHAPTER 1: INTRODUCTIONThe global economic crisis was one of the worst things the economy faced since the great depression of encountered in the 1930s. The united kingdom just like any other economy in the world was greatly affected by the global financial crisis in 2008/2009.
Yilmaz (2008). The main objective of any economy is to have an effective and efficient banking industry that is in a position to constantly spar economic growth and development for the whole public. However, the global financial crisis whose roots in the US and Europe spread to the whole world and bungled the confidence that investors, depositors and members of the public had in the banking industry. The broad objective of the survey was to find out how public trust in the global banking industry was аffесtеd by the global finаnсiаl crisis of 2007/2008 using a саsе of United Kingdom.
This survey was to determine how UK banks' customers and members of the public trust were affected by the crisis and how the banks structured themselves to get through the global financial crisis which was at its peak in the year 2008/2009. The survey is expected to add to the body of knowledge a new knowledge on how the public trust in the global banking industry was affected by the crisis.
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