The effects of the economic crisis and banking collapse continue to impact the reputation of business across Europe, with trust in CEOs having fallen by 50% since 2009 according to new research.

A company’s CEO is now seen as less trustworthy than an average employee, with nearly half of the respondents to the survey believing CEOs are motivated by personal profit.

Financial services is the least trusted business sector, accompanied by the energy sector and social media businesses. In an indication of how consumers are paying closer attention to CSR, nearly 80% say they would rather pay more for products and services that are delivered and produced responsibly and fairly.

The crisis in 2008 was singled out by the survey as the reason behind the damage to trust levels in corporations, and national governments have also experienced a decline in trust since then. When it comes to individuals, religious leaders and politicians are even less trusted than the financial sector.

The European Trust & Purpose survey, launched by Burson-Marsteller, questioned 3,161 respondents in 14 European countries during May. The research was conducted by Penn Schoen & Berland.