Most industries in Indiana have continued to see job recovery in 2021. But, despite a brief recovery, the finance industry has shed thousands of workers since March 2021.
According to Bureau of Labor Statistics data, now the number of Hoosiers in banking is trending back down and it’s almost back to it’s 2020 low.
Roger Lee, a board member for the Indianapolis chapter of the Chartered Financial Analyst Society, said it’s likely a combination of factors. A federally-imposed low interest rate means banks are making less money. Meanwhile, brick and mortar banks are closing as the pandemic saw more people banking online.
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Lee said the loss in jobs is more pronounced in states like Indiana, where many financial services jobs are at commercial banks.
“I think I’ve felt it personally when I go to my local bank,” Lee said. “You’ll notice the lines right? The lines, I feel like, are longer when I go there and I think they’re probably staffing leaner.”
Lee added that the job recovery in banking could probably be attributed to the extra labor needed to process PPP loans. That program ended on May 31.