Social media users ‘hate’ major financial institutions, report reveals

2 November 2011

Social media users have used their online personas to voice their anger at the majority of banks in the last year, new research has revealed.

A study by Amplicate showed that 83 per cent of all opinions on banks in the US and Europe were negative over the course of the last 12 months.

Bank of America (BofA) attracted the most criticism with 87 per cent of all opinions about the institution being negative.

As many as 40 per cent of all comments in the US and Europe were about the bank, making it the most discussed on social media networks.

In the statement, Amplicate said: “Hatred for BofA reached its height in December 2010, when social media users objected strongly to the bank's decision to force the closure of numerous websites expressing loathing for the bank.”

More positive findings for the financial services showed that while there were more haters than lovers of banks using social media, the latter were found to be more influential - the average fan had twice as many followers or friends than the average hater.

Meanwhile, BofA has announced that it has scrapped plans to introduce a debit card fee following customer feedback.

David Darnell, chief operating officer at the bank, said the proposals had been withdrawn as the voices of its customers “are most important to us”.

By Jim Ottewill

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