11.26.25

Bank Jobs Hit Lowest Level Since Prior to Pandemic

by: Allissa Kline

U.S. commercial and savings banks employed 2.06 million people as of Sept. 30, 2025 — the lowest level since late 2019 — reflecting a net loss of over 7,400 jobs in the third quarter and nearly 81,000 since early 2023. Job reductions are driven by higher interest rates pressuring bank margins and growing adoption of AI technology, which may render some positions redundant. Large banks accounted for most cuts, while smaller banks saw slight employment gains. Analysts suggest these reductions may be permanent, as technology-driven efficiencies become embedded, and the workforce may not rebound even as interest rates decline.

Read the full article on American Banker