Dow Jones Survey of CFOs Shows Loss of Trust in Investment Banks, High Level of Satisfaction With Investment Bankers

Dow Jones Survey of CFOs Shows Loss of Trust in Investment Banks, High Level
of Satisfaction With Investment Bankers
Banker Relationship and Commitment to Customer Keys to Winning and Keeping
Clients

NEW YORK, Nov. 9 /PRNewswire/ -- A Dow Jones & Company survey of top financial
executives found that while investment banks may have lost their clients'
trust, investment bankers themselves have managed to maintain client
confidence and loyalty.

Of more than 220 chief financial officers, treasurers, and heads of mergers &
acquisitions and debt capital markets surveyed across 13 global industry
sectors, 27% said they had lost trust in banks, mainly due to fear of
insolvency. However, survey respondents blamed the actual institutions, not
the bankers, and were satisfied with their bankers in all areas ranging from
ability to provide analysis to banker support and involvement. The most
important factor that respondents considered when choosing a bank was the
relationship with the bank and the bank's commitment to the customer.

The survey, titled "Less Love, Less Money: C-Suite Insight for Investment
Bankers," was commissioned by Dow Jones Investment Banker's editorial team in
conjunction with London-based research and consultancy firm ClientKnowledge,
to identify the trends and issues of most importance to corporate finance
executives and departments.

Survey respondents cited J.P. Morgan as their number one investment bank when
it comes to providing debt and equity capital markets and mergers &
acquisitions. Deutsche Bank closely trailed J.P. Morgan in both debt and
equity capital markets while Goldman Sachs was ranked second for mergers and
acquisitions.

"Banks may need to be more flexible and provide increasingly tailored services
to attract and retain clients," said Adam Smallman, global managing editor for
investment banking, Dow Jones & Company. "Building a deeper, more
knowledgeable relationship with clients may help to bring back trust at the
institution level."

In regard to accessing capital, most respondents said that it is easy;
however; nearly one third are experiencing difficulties. When analyzed by
industry, the responses showed that countercyclical and cash-positive
industries are getting more attention. For example, 100% of healthcare
responses indicated raising capital is easy, whereas 60% of those in the
automobile industry said they are finding it difficult. Additionally, the
survey revealed that access to credit is more difficult and, if found, the
terms are tougher and transaction fees are on the rise. Sixty-four percent
thought that transaction fees have increased, with transaction-based fees
representing 56% of the fees charged.

"The lack or high cost of capital is preventing deals getting done in the
industries requiring restructuring, such as automobiles," said Justyn Trenner,
CEO and Principal, ClientKnowledge.

Smallman added, "Greater care for clients includes bankers generating fresh
thinking relevant to the specific needs of their clients. This research shows
that trust has been lost but it can be earned back."

An overview of these finding can be found at www.dj.com/djib/CSuiteInsight.
For more information about Dow Jones solutions for investment bankers, visit
www.solutions.dowjones.com/investmentbanker. For more information about Dow
Jones, visit www.dowjones.com.

About Dow Jones Investment Banker

Dow Jones offers news and information solutions for investment bankers. Dow
Jones Investment Banker is a flexible solution that offers the deep
intelligence edge that every banker needs to provide advice, generate ideas
and connect to clients. The best of Dow Jones -- news, opinion, research, data
visualization, executive connections -- is delivered in a suite of
customizable components designed for smooth integration into the proprietary
portals and applications essential to investment bankers and analysts.

About Dow Jones

Dow Jones & Company (www.dowjones.com) is a News Corporation company (Nasdaq:
NWS, NWSA; ASX: NWS, NWSLV; www.newscorp.com). Dow Jones is a leading provider
of global business news and information services. Its Consumer Media Group
publishes The Wall Street Journal, Barron's, MarketWatch and the Far Eastern
Economic Review. Its Enterprise Media Group includes Dow Jones Newswires, Dow
Jones Factiva, Dow Jones Client Solutions, Dow Jones Indexes and Dow Jones
Financial Information Services. Its Local Media Group operates community-based
information franchises. Dow Jones owns 50% of SmartMoney and 33% of STOXX Ltd.
and provides news content to radio stations in the U.S.

SOURCE Dow Jones & Company

Shannon Sullivan, Dow Jones Public Relations, Americas, +1-609-627-2312,
Shannon.sullivan@dowjones.com, or Michael Burns, Dow Jones Public Relations,
EMEA, +44(0)20-3217-5434, Michael.burns@dowjones.com