Opinion

Felix Salmon

BP: Now more evil than Goldman Sachs

By Felix Salmon
June 23, 2010

There will be rejoicing in the corridors of Goldman Sachs tonight: BP has finally overtaken it in the most-loathed company stakes! Yes, Goldman is still plumbing depths rarely seen in the modern era. But BP, even after putting aside $20 billion and grovelling to the president, continues to implode: it’s now hit a level of -47.6 in the latest BrandIndex poll. That’s not far from Toyota’s low point, which was -52.7 at the end of March, but it’s going to be a much harder fight back for BP than it was for Toyota.

It’s amusing to remember that earlier this year BrandZ put out a piece of glossy research saying that the BP brand was the 34th most valuable brand in the world, worth $17.283 billion. (Love the specificity there.) Is it possible for a brand to have negative value? If so, BP has probably achieved that distinction at this point.

Meanwhile, for those of you keeping count, BrandZ put the value of the Toyota brand at $21.769 billion, post-recall, while the Goldman Sachs brand was worth $9.283 billion, up a whopping 25% from 2009. How quickly these things can change.

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Comments
5 comments so far | RSS Comments RSS

Laurie Kilmartin joked last night:
“BP & Goldman Sachs are so shitty, I’m nostalgic for Al Qaeda. At least when Al Qaeda attacks us they have the decency to kill themselves.”

Posted by mattlehrer | Report as abusive
 

People can be so picky sometimes. The only way BP could be more evil than Goldman Sachs is if they were deliberately drilling giant holes deep into the US Treasury and not catching every last drop of cash that came gushing out.

Posted by HBC | Report as abusive
 

How much does the BP brand matter really? They will always sell out 100% of their oil at exactly the same price as everyone else.

Perhaps it may hurt their hiring, but surely oil employees aren’t as brand conscious as Google’s annual crop of whiz kids…

Posted by DanHess | Report as abusive
 

The five-digit accuracy of brand value is amusing, particularly when one realizes that it must, in most cases, come down to a difference between two considerably larger numbers, each of which is subject to considerable error and variability. Numerology is fun!

Posted by MattF | Report as abusive
 

Also interesting is how the brand value of Toyota is steadily recovering. 6 months later and $30bn higher. BP needs to plug that hole and just have patience.

Posted by CharlesC | Report as abusive
 

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