Fortune takes a look at the dynamics between Wall Street firms and the blogs devoted to criticizing them.
It says financial institutions are monitoring sites -- like Goldmansachs666.com, Banks Are Evil, and Bloggers Against Chase Bank -- because "It’s not just the content of their messages that matter but their presence on the Internet. By talking about banks negatively online, the bloggers essentially become the online presence of those banks. And that’s something no industry, let alone one that depends on the trust of its customers, can long abide."
But can the financial industry tweet or blog its way out of a bad rep?
The article quotes marketing and consulting executives who say efforts like New Citi, the blog Citigroup launched last month, can only help, even if big financial firms can't be as nimble as some of their critics.
"Online public engagement can be a dizzying, if worthwhile enterprise. At many corporations, especially in heavily regulated industries like banking, every Facebook posting, every blog reply, every video, and every tweet typically must go through some kind of internal review before going public. Still, saying something is preferable to saying nothing, especially when everyone else is talking about you."
Incidentally, the blog NetBanker recently reviewed New Citi, saying "It's good to see another major bank blogging, especially after Bank of America killed its innovations blog. And it's a solid effort, good for the bank and its brand. A little restraint in the design department and this would earn an A grade."