BulletProofBlog the blog on crisis communications

Two years ago, Bank of America and Citigroup possessed two of the most trusted and widely-respected brands in the banking business. But today, as their competitors show signs of increased strength and stability, these financial titans continue to struggle with reputational issues borne from the current economic crisis.

For Bank of America, the near-constant stream of criticism stemming from its acquisition of Merrill Lynch came to a crescendo last week when embattled CEO Ken Lewis announced he would step down by the end of the year. Now, the bank must deal with multiple investigations into whether the full extent of Merrill' s troubles was adequately communicated to shareholders before their vote to approve the merger late last year, and it has to regularly reassure all of its stakeholders who simply aren' t sure what the future holds.

For Citigroup, the problem is that stakeholders see a widening disconnect between what the company says and what it does. For instance, while the bank' s executives have talked often of their desire to repay $45 billion in TARP funds, they have yet to show any sign that they will do so anytime soon (Morgan Stanley, JP Morgan Chase, and Goldman Sachs have already repaid their government assistance). And while Citigroup recently touted an increased retail presence as a foundation of impending recovery, recent reports now detail plans to narrow that presence to just six major U.S. markets and only stoke stakeholders' uncertainty as to what the bank will look like in the coming months and years.

At a time when rebuilding trust is a financial services industry imperative, it seems Bank of America and Citigroup are still wrestling with how best to inspire confidence among consumers, investors, regulators, and the pubic writ-large. That' s a problem - but one that can be overcome if both banks leverage their current crises into opportunities to highlight a simple but powerful concept: future prosperity.

For Bank of America, they can frame the appointment of a new CEO as a springboard to a new day. Whoever ends up taking charge, that person must define a clear path forward - and be seen following it - from the moment that he or she is introduced. Past problems will, of course, have to be addressed - but they need not be dwelled upon. In fact, with a new face at the helm, audiences will be all the more receptive to messages that acknowledge mistakes, highlight solutions, and illustrate how recent adversity can strengthen the bank moving forward.

Citigroup' s approach must also focus on the future - but do so with consistency so that the questions currently swirling around its brand can be put to rest once and for all. It' s going to take time to refocus stakeholders' attention from what' s happened to what' s next - but the sooner Citigroup provides audiences with a tangible sense of what they can expect, the sooner the healing can begin.

At its roots, crisis communications has always been about accelerating the pace at which the present becomes the past. It may seem painfully obvious, but for these two banking giants, focusing on tomorrow is the best way to reach a future that can' t come fast enough.

Michael W. Robinson is Senior Vice President and Chair of the Corporate Practice at Levick Strategic Communications, the nation's top crisis communications firm, and a contributing author to Bulletproof Blog.