The collapse of Lehman Brothers seriously damaged trust in financial institutions and markets: The financial markets’ crisis became a trust crisis, with its decline affecting general confidence in banks, bankers and financial markets. Accordingly, it has become necessary to undertake research into the investment decision, looking specifically at trust and how it can be rebuilt. There is strong evidence for trust's importance in investment decisions and the investment advisory industry generally, with banks’ advice to investors playing an important role within the overall decision-making process. When investment decisions ultimately turn out to be wrong, trust in advisors clearly becomes seriously damaged. This article explains why trust in financial markets is closely connected with trust in intermediaries: The model of intermediaries in trust developed by James S. Coleman is transferred to bankers offering their customers investment advice, confirming the requirement for trust in investment. Further insights concern the question of why trust is damaged when investment decisions turn out badly and in overcoming the financial crisis, why intermediaries are crucial components in the trust repair process. Ultimately, a financial crisis which becomes a serious trust crisis implies that, contrary to assumptions in standard neoclassical models, the irrelevance of trust can no longer be defended. Furthermore, this means that ‘calculative trust’ does actually exist.

中文翻译：

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金融危机后中介机构在信任重建中的作用以及对“计算信任”的存在的鼓励

雷曼兄弟（Lehman Brothers）的崩溃严重破坏了对金融机构和市场的信任：金融市场危机成为一种信任危机，其下降影响了人们对银行，银行家和金融市场的总体信心。因此，有必要对投资决策进行研究，专门研究信任以及如何重建信任。有充分的证据表明信任在投资决策和整个投资咨询行业中的重要性，银行对投资者的建议在整个决策过程中起着重要作用。当投资决定最终被证明是错误的时，对顾问的信任显然会受到严重损害。本文解释了为什么对金融市场的信任与对中介机构的信任紧密相关：詹姆斯·科尔曼（James S. Coleman）开发的信托中介模式已转移给银行家，向他们的客户提供投资建议，从而确定了对投资信托的要求。进一步的见解涉及以下问题：为什么当投资决策失败时，信任会受到破坏；在克服金融危机时，为什么中介人是信任修复过程中的关键组成部分。归根结底，一场变成严重的信任危机的金融危机意味着，与标准新古典模型中的假设相反，信任的无关性无法再得到捍卫。此外，这意味着“计算信任”确实存在。进一步的见解涉及以下问题：为什么当投资决策失败时，信任会受到破坏；在克服金融危机时，为什么中介人是信任修复过程中的关键组成部分。归根结底，一场变成严重的信任危机的金融危机意味着，与标准新古典模型中的假设相反，信任的无关性无法再得到捍卫。此外，这意味着“计算信任”确实存在。进一步的见解涉及以下问题：为什么当投资决策失败时，信任会受到破坏；在克服金融危机时，为什么中介人是信任修复过程中的关键组成部分。归根结底，一场变成严重的信任危机的金融危机意味着，与标准新古典模型中的假设相反，信任的无关性无法再得到捍卫。此外，这意味着“计算信任”确实存在。