Most jobs are slowly recovering in Indiana, but not in the financial sector

A sign on the front of a former KeyBank branch in South Bend warns customers that it will be closing.  - Justin Hicks/IPB News

A sign on the front of a former KeyBank branch in South Bend warns customers that it will be closing.

Justin Hicks/IPB News

Most industries in Indiana continued to see a recovery in employment in 2021. But, despite a brief recovery, the financial sector has lost thousands of workers since March 2021.


According to the Bureau of Labor Statistics Datanow the number of Hoosiers in banking is trending down and it’s almost back to its 2020 low.

Roger Lee, board member of the Indianapolis Chapter of the Chartered Financial Analyst Society, said it was likely a combination of factors. A low interest rate imposed by the federal government means that the banks make less money. Meanwhile, physical banks are shutting down as the pandemic has seen more and more people bank online.




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Lee said the job loss is most pronounced in states like Indiana, where many financial services jobs are in commercial banks.

“I think I felt it personally when I go to my local bank,” Lee said. “You’ll notice the lines, won’t you?” The queues I feel are longer when I go there and I think they are probably less staffed.

Lee added that the recovery in banking sector employment could likely be attributed to the extra work needed to process PPP loans. This program has ended May 31.


Contact reporter Justin at [email protected] or follow him on Twitter at @Hicks_JustinM.


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