Nearly half of Americans are losing their faith in banks after the U.S. banking system faced a series of blows that was an eerie reminder of the 2008 financial crisis. 

According to a recent Gallup poll, 48% of Americans are concerned about the safety of their funds in banks or other financial institutions. Of them, about 19% reported feeling "very" concerned, and 29% said they were "moderately" worried, according to the data. 

Comparatively, about 30% were "not too worried," and 20% weren't stressed at all.  

Wall Street fell on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase (JPM.N), Wells Fargo & Co (WFC.N) and other major financial players.

PacWest Bancorp (PACW.O) tumbled 43% after it confirmed it was exploring strategic options, including a sale, after shares of the regional lender and peers got hammered recently on fears of a worsening banking crisis.

Shares of US regional banks suffered deep losses on Wall Street Tuesday, dashing hopes that the resolution of First Republic's woes would end the crisis.

While large banks like Citigroup and Bank of America fell, the ugliest losses came at the same regional banks that have seen pressure since the March demise of Silicon Valley Bank the risks facing the group.

These include Los Angeles-based PacWest Bancorp (-24 percent), Western Alliance Bancorporation (-16 percent) of Phoenix, Zions Bancorporation (-11 percent) of Utah and Cleveland-based KeyCorp (-9 percent).

On May 1, First Republic Bank became the second-largest bank failure in U.S. history. Its failure is second to Washington Mutual (2008) and just ahead of Silicon Valley Bank recently. The result was another disruption in the banking industry.

Trouble was on the rise in February 2023 when First Republic’s shares had a 98 percent drop. They went from $147 per share to $3.50. But how did this happen? What contributed to the demise of First Republic Bank?

First Republic Bank was seized by state regulators and sold to JPMorgan Chase on Monday after months of struggles, adding to the uncertainty surrounding the financial market.

The takeover of the San Francisco-based bank was made by regulators in California after it was found to be "conducting its business in an unsafe or unsound manner" and "being in a 'condition that … is unsafe or unsound' to transact banking business," the California Department of Financial Protection and Innovation said.

“We experienced unprecedented deposit outflows,” said the First Republic Bank CFO on Monday. The news had just hit that First Republic suffered a massive $100 billion plunge in deposits in the aftermath of the meltdown of Silicon Valley Bank.

The U.S. bank turmoil is not over. First Republic just became the third major bank to fail this year, requiring a government takeover. Its stock was trading at less than $4 a share on Friday, a cliff-dive from nearly $150 in February, as depositors and investors fled the bank. This is a slow-moving crisis. There will almost certainly be more fallout to come.

Morgan Stanley is reportedly planning to cut 3,000 jobs during the second quarter, marking its second round of layoffs in the past six months.

The bank cited slow deal making amid the tough economic environment as the reason for the second round of cuts, Reuters reported, citing a source familiar with the matter. 

Morgan Stanley did not return FOX Business' request for comment at the time of publication.

Cuts have been accelerating across Wall Street as deal making dries up. 

Representative Lois Frankel recently sold shares of First Republic Bank as well as purchased stock in JP Morgan, which on Monday took over First Republic following its collapse.

First Republic Bank (FRC) was seized by California regulators and sold to JPMorgan Chase (JPM), which will now assume responsibility for its debts and assets, on Monday. Shares in First Republic, a San Francisco-based bank founded in 1985, fell more than 75 percent last week after the bank announced that depositors withdrew $100 billion in March.