A surge of followers on LinkedIn over the past year has given leading banks a louder voice than some big-name media companies on the platform. The results of our 2020 social media study suggest finance firms should consider LinkedIn as part of their media effort, as well as a marketing tool.
In the past 12 months to January 30, Communication Means’ sample of 11 global banking and fund management firms have increased followers by more than a third on average, (see methodology below).
Citi has the biggest following of the sample at over 2.2 million while JP Morgan and Goldman Sachs are both at 1.8 million. Bank of America and Deutsche Bank complete the 1 million-plus group. Fastest risers were Pimco, Goldman Sachs and JP Morgan, which all increased their LinkedIn followers by more than 40%.
Media groups appear divided over commitment to the professional networking platform. The Economist is by far the strongest Old Media performer on LinkedIn with nearly 10 million followers. The Wall Street Journal, BBC News, the FT and New York Times all have strong multi-million followings.
But at the other end of the spectrum The Times has just 27,000 followers, Reuters has under 40,000 and El Pais of Spain has less than 100,000 LinkedIn followers, compared with its seven million on Twitter.
How we track social media followers
Communication Means tracks the followers of a group of 11 finance firms and 12 media organisations on Twitter and LinkedIn. We take a reading of their followers on January 30 each year for year-to-year comparisons. These groups are designed to offer an illustrative sample and are by no means a comprehensive survey or ranking. We track main accounts rather than sub accounts (such as separate regional, business line or coverage area accounts).
Sample of finance firms: Bank of America, Barclays, BlackRock, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JP Morgan, Pimco, UBS, Vanguard. (Some, though not all, of these organisations are existing clients of Communication Means)
Sample of media platforms: BBC News, Bloomberg, Economic Times, The Economist, El Pais, Financial Times, The Guardian, Le Monde, New York Times, Reuters, The Times, Wall Street Journal.
This year we have also assessed the finance firms’ most successful tweets and LinkedIn posts for January 2020 only. We have counted how many posts have reached 1,000 engagement or more on each platform. The engagement data excludes video views.