Are companies dealing in intangibles even more susceptible to brand reputation damage than those dealing in tangible products?

We know that stock markets seem to often defy logic. The financial sector which we might expect to be grounded in figures and statistics depends heavily upon reputation, legacy and history.  Yet over recent weeks and months we have seen tremors in world markets make financial companies appear incredibly fragile – brands which were surrounded by reputation and history can crumble on flimsy rumour and Chinese whispers. Perhaps the very fact that their real expertise and stability is so intangible makes them far more vulnerable than a smokestack brand that has tangible assets and visible products.