Confidence in US Banks Plummets After Failures: Poll

Major U.S. bank CEOs testify during a Senate Banking, Housing, and Urban Affairs Committee Hearing on the Annual Oversight of the Nations Largest Banks on Capitol Hill in Washington, on Sept. 22, 2022. Saul Loeb/AFP via Getty Images

The banking turmoil following the collapse of Silicon Valley Bank (SVB) has significantly affected the American public’s confidence in banks and other financial institutions, according to a new poll.

The poll from the Associated Press-NORC Center for Public Affairs Research found that just 10 percent of U.S. adults say they have high confidence in the nation’s banks and financial institutions, down from 22 percent in 2020.