The ongoing banking crisis is the consequence of a dramatic increase in interest rates by central banks, particularly those in the economies of the US and the UK, in an endeavor to control inflation. Against this backdrop, GlobalData’s Social Media Analytics Platform reveals the list of top 10 banking and financial institutions that were most talked about in ‘banking crisis’-related social media discussions since March 2023 (1st March to 4th May 2023).
Since March 2023, Silicon Valley Bank was the most cited banking and financial institution around discussions related to banking crisis. It was followed by Credit Suisse Group AG, First Republic Bank, UBS Group AG, JPMorgan Chase & Co, Signature Bank, Silvergate Bank, HSBC Holdings Plc, PacWest Bancorp, and Western Alliance Bancorp.
Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “The social media discussions around the banking crisis peaked during the second week of March, following the failure of Silicon Valley Bank, which resulted in a sharp decline in influencers’ sentiments for the banking industry during the same week. Few influencers opined that the crisis is not due to a credit issue but rather an outcome of poor regulation and management by central banks, while a group of them anticipate that more of the top US banks may fail in the near future.”
Silicon Valley Bank, a prominent firm in the community of venture capitalists and technology, emerged as the top cited bank among social media discussions with a 27% share of voice. The conversations for the company peaked on 13 March as after the US second-largest bank collapse, the government affirmed that depositors would be able to retrieve their funds. In the meantime, HSBC offered to acquire the bank’s UK division to avert bankruptcy.
The influencer conversations around Credit Suisse Group went up sharply, generating 22% share of voice after the financial markets were rattled by the collapse of banking giant. UBS Group AG later stepped in as an emergency rescuer and acquired its long-time domestic competitor Credit Suisse Group AG.
