As the largest banks in the United States prepare “living wills” for the government in the event that any of them should become financially nonviable, Americans continue to lose their trust in banks. According to a new poll by Gallup:
These bleak perceptions of the nation’s banks are consistent with ongoing banking issues worldwide, including the continuing crisis in Europe, particularly regarding European banks. It is also consistent with the major J.P. Morgan trading loss and Moody’s recent downgrade of large global banks, including some banks in the United States.
As a result:
Americans’ confidence in U.S. banks is now at a record-low 21%, down slightly from 23% in the past two years and one percentage point below the 22% found in 2009. The percentage of Americans saying they have a “great deal” or “quite a lot” of confidence in U.S. banks is now about half the pre-recession level of 41%, recorded in June 2007.
Douglas A. McIntyre
It’s Your Money, Your Future—Own It (sponsor)
Retirement can be daunting, but it doesn’t need to be.
Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.