Confidence In Banks Plummets

Banking, finance, and taxes

Published: June 27, 2012 6:50 am

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

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