Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Markets Banks

16% of Americans moved banks after SVB collapsed (Jaap Arriens/NurPhoto via Getty Images)

By Tyler Hummel Leaders Staff

Tyler Hummel

Tyler Hummel

Tyler Hummel is a news writer for Leaders Media. He was the Fall 2021 College Fix Fellow and Health Care...

Full bio


Learn about our editorial policy

Mar 23, 2023

How U.S. Consumers Reacted To Bank Panic  

A new poll shows that nearly one in six Americans has moved money out of their bank account in the past two weeks. 

Key Details

  • 16% of Americans moved some or all of their money in response to the collapse of Silicon Valley Bank on March 10, according to a new poll from Morning Consultant. 
  • Of the Americans who moved money, 36% of those who moved their money did so into a national bank. 
  • 22% of U.S. adults say national banks are the safest place to store money. 
  • 5% of the total respondents have recently changed their primary banking provider, and 23% are considering seeking out a new bank within six months. 
  • Survey respondents also said they moved money into investments—10% into stocks, 10% into crypto, 7% into gold and silver, and 5% into bonds. 

Why It’s Important 

As we previously reported, the U.S. has faced two of the most chaotic weeks in banking history following the collapse of Silicon Valley Bank. That subsequently caused the collapse of Silvergate Bank and Signature Bank and required First Capitol to be bailed out. The Federal Reserve has loaned $153 billion in bailouts. 

This turmoil unsurprisingly raised the number of Americans seeking a new bank by 8%, but fear wasn’t the sole reaction to the collapse. As Morning Consult notes, many customers saw financial opportunities in other banks. They chose to uproot for benefits—marking a decided change from the habits of most post-2008 consumers who tend to be relatively tied to a specific ban. 

Notable Quote 

“While financial services leaders can rest assured that their customers tend to keep calm heads during challenging news events and maintain trust in their primary banking providers, they should not remain complacent, as there’s always a dormant group of bank-switchers. Thoughts of switching have risen,” says Morning Consultant 

Backing Up A Bit 

The repercussions of the collapse of Silicon Valley Bank continue to be felt across the globe, having ushered in one of the largest banking crises since the 2008 financial meltdown and nearly causing a cascade effect that could have destroyed hundreds of regional banks and harmed major financial institutions without federal intervention.  

Major banks like JP Morgan, Bank of America, Wells Fargo, and Morgan Stanley are far from immune, having collectively lost $55 billion in market value in one day in response. The chaos was subsequently followed by Switzerland’s Credit Suisse nearly collapsing, requiring federal bailouts to prevent a global financial crisis.

Home / News / How U.S. Consumers Reacted To Bank Panic  
Share
FacebookTweetEmailLinkedIn

Related Stories

Wall Street Makes $100 Billion Bet on Weight Loss Pills

by PJ Howland Leaders Staff
Investing

Oct 25, 2023

Ozempic

Investor optimism around a potential blockbuster obesity drug by Structure Therapeutics led to soaring share prices across the weight-loss pharma sector.

Key Details

  • Structure Therapeutics' stock jumped 35% after reporting positive results from early clinical trials of a once-daily weight-loss pill.
  • The experimental drug helped participants lose about 5% of their body weight over one month without side effects, although there are concerns with Ozempic.
  • Analysts predict the global anti-obesity medication market could reach sales of $100 billion by 2030, up from $71 billion currently.
  • With promising growth prospects, investors are betting on companies developing new weight loss drugs like Structure, Eli Lilly, Novo Nordisk, and Pfizer.

Go deeper

FacebookTweetEmailLinkedIn

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Loans and Borrowing

Oct 23, 2023

car loans, used cars

A record number of Americans are behind on their car loan payments as higher interest rates and prices weigh on consumers.

Key Details

  • According to data from Fitch Ratings, 6.11% of car loans were at least 60 days delinquent in September, the highest since tracking began in the early 2000s.
  • Some interest rates on used cars can rise to as much as 21%, according to Bankrate.
  • Soaring prices and rising interest rates are squeezing consumers, making it difficult for some to keep up with their auto loans.

Go deeper

FacebookTweetEmailLinkedIn
Chevron Gas Deal
Markets

Oct 23, 2023

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff
blue collar workers
Retirement

Oct 20, 2023

Explaining The ‘C+ Grade’ Retirement Ecosystem in The United States

by PJ Howland Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com