Concern over banking crisis reaches levels unseen since 2008 — Poll
Public opinion of banks appears to be dwindling according to an April survey, as the industry struggles to contain the collapse of several high-profile financial institutions in recent months.
A Gallup poll conducted across the United States in April with at least a thousand respondents revealed that 48% of them said that they were concerned about their money in the bank, with almost 20% who indicated they were “very concerned.”
It should be noted however that the poll was conducted after the collapse of Silicon Valley Bank and Signature Bank, but before First Republic Bank failed in late April.
Republicans, lower-income adults and those without a college degree are more worried than their counterparts about the safety of their money in banks or other financial institutions. https://t.co/qhaQqu3mW6
Gallup concluded that the level of worry was on a par with that measured during the last bank-induced financial crisis in 2008 “when financial institutions previously believed to be “too big to fail” collapsed.”
Meanwhile, experts at the Hoover Institution think-tank postulate that if half of uninsured savers withdrew all of their cash, 186 American banks would be at “potential risk of impairment.”
These banks have total assets of $300 billion but represent less than 5% of the estimated 4,135 FDIC (Federal Deposit Insurance Corporation) insured commercial banks in the United States.
Furthermore, according to reports, California-based PacWest, Arizona’s Western Alliance, and Memphis-based First Horizon Banks hang in the balance following a share price slump last week.
Related: Banking crisis: What does it mean for crypto?
A more damning report emerged from the UK’s Telegraph earlier this month suggesting that half of the banks
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