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The Bottom Line on Trust: Institutions Can’t Count on It

March 8, 2024 | 1 minutes reading time | By L.A. Winokur

The public has soured on government and politics, media and the corporate world. For banks, it will take “all hands on deck,” from “resiliency teams to marketing teams to the bankers themselves,” to turn attitudes around.

A Gallup survey in June 2023 showed continuation of a long-term trend of “historically low faith” in U.S. institutions, with many of them “at or near rock bottom.”

Confidence in big business came in at 14%, tying the annual poll’s all-time low a year earlier. Banks, whose dependence on trust – and the high cost of losing it – was painfully demonstrated in the regional banking failures of March 2023, had a confidence score of 26%. That was better than newspapers (18%), the criminal justice system (17%), television news (14%) and Congress (8%), but only five percentage points above banks’ all-time low in 2012.

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Topics: Enterprise

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