{"id":2357,"date":"2026-08-07T20:17:05","date_gmt":"2026-08-07T20:17:05","guid":{"rendered":"https:\/\/modernhomejournals.com\/?p=2357"},"modified":"2026-08-07T20:17:05","modified_gmt":"2026-08-07T20:17:05","slug":"whats-causing-the-financial-industry-to-lose-so-many-jobs","status":"publish","type":"post","link":"https:\/\/modernhomejournals.com\/?p=2357","title":{"rendered":"What&#8217;s Causing the Financial Industry to Lose So Many Jobs?"},"content":{"rendered":"<div>\n<div>\n<\/div>\n<div>\n<p>The finance industry continues to be hemorrhaging jobs \u2014 and artificial intelligence could be partly to blame. So could interest rates.<\/p><p>Read more <a href=\"https:\/\/modernhomejournals.com\/?p=2355\">Trump Must Stop Ballroom Construction, Appeals Court Rules<\/a><\/p><p>The financial activities sector, spanning finance, insurance and real estate industries, has lost 121,000 jobs since peaking in May 2025, according to the <span><u>Bureau of Labor Statistics report<\/u><\/span> released on Friday. The latest numbers raise the possibility that the industry\u2019s job market is contracting as AI is increasingly adopted.<\/p>\n<p>\u201cIt stands to reason, at least some of it is due to AI,\u201d said Ryan Young, a senior economist at the libertarian think tank Competitive Enterprise Institute. \u201cAIs can do a lot of the grunt work that a lot of finance quants are doing right now, but humans still have to think of what questions to ask those models. They have to interpret what those models say, make decisions based on those.\u201d<\/p><p>Financial firms have for years <span><u>predicted<\/u><\/span> AI would <span><u>reduce<\/u><\/span> their need for operations and technology staff, and increase roles in governance and compliance. Banks have outfitted their employees with <span><u>AI training<\/u><\/span> to boost productivity and invested tremendous amounts in the rapidly proliferating tech.<\/p>\n<section>\n<div>\n<h2>\n<span>Trending<\/span>\n<\/h2>\n<\/div>\n<div>\n<div>\n<ul>\n<li>\n<div>\n<div>\n<div>\n<div>\n<picture>\n<img decoding=\"async\" alt=\"Sen. Gary Peters speaks during a Senate committee meeting. \" class=\"Image\" data-image-size=\"standardStory\" height=\"220\" loading=\"lazy\" src=\"https:\/\/static.notus.org\/dims4\/default\/ac73bb2\/2147483647\/strip\/true\/crop\/7104x4736+0+0\/resize\/330x220!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F58%2F73%2Facb8af354d29a55bf5991977ef68%2Ffauci-markup-senate-homeland-26218537262467.jpg\" srcset=\"https:\/\/static.notus.org\/dims4\/default\/ac73bb2\/2147483647\/strip\/true\/crop\/7104x4736+0+0\/resize\/330x220!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F58%2F73%2Facb8af354d29a55bf5991977ef68%2Ffauci-markup-senate-homeland-26218537262467.jpg 1x,https:\/\/static.notus.org\/dims4\/default\/b9df3f5\/2147483647\/strip\/true\/crop\/7104x4736+0+0\/resize\/660x440!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F58%2F73%2Facb8af354d29a55bf5991977ef68%2Ffauci-markup-senate-homeland-26218537262467.jpg 2x,https:\/\/static.notus.org\/dims4\/default\/dd0b1aa\/2147483647\/strip\/true\/crop\/7104x4736+0+0\/resize\/990x660!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F58%2F73%2Facb8af354d29a55bf5991977ef68%2Ffauci-markup-senate-homeland-26218537262467.jpg 3x\" width=\"330\"\/>\n<\/picture>\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n                      Retiring Sen. Gary Peters Is Already Negotiating His Next Gig\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<div>\n<div>\n\n<figure class=\"wp-block-image size-large\">\n<figure class=\"wp-block-image size-medium_large\"><img loading=\"lazy\" decoding=\"async\" alt=\"Ted Cruz 8\/4\/26\" class=\"wp-image-2298\" height=\"512\" src=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/f19f0027ead5b8f32c887d1d90af87dd-768x512.jpg\" width=\"768\" srcset=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/f19f0027ead5b8f32c887d1d90af87dd-768x512.jpg 768w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/f19f0027ead5b8f32c887d1d90af87dd-300x200.jpg 300w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/f19f0027ead5b8f32c887d1d90af87dd.jpg 1024w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n<\/figure>\n\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n<u>Dana Milbank:<\/u> Ted Cruz Threw an Islamophobic Party \u2014 And Nobody Showed Up\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<div>\n<div>\n\n<figure class=\"wp-block-image size-large\">\n<figure class=\"wp-block-image size-medium_large\"><img loading=\"lazy\" decoding=\"async\" alt=\"U.S. Congress\" class=\"wp-image-2331\" height=\"512\" src=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3f03a01ef907f3a83ccd50ca0512b90b-768x512.jpg\" width=\"768\" srcset=\"https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3f03a01ef907f3a83ccd50ca0512b90b-768x512.jpg 768w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3f03a01ef907f3a83ccd50ca0512b90b-300x200.jpg 300w, https:\/\/modernhomejournals.com\/wp-content\/uploads\/2026\/08\/3f03a01ef907f3a83ccd50ca0512b90b.jpg 1024w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n<\/figure>\n\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n                      Mitch McConnell Is Voting, But He\u2019s Still on Medical Leave\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<li>\n<div>\n<div>\n<div>\n<div>\n<picture>\n<img decoding=\"async\" alt=\"DC voters AP - 26219555918575\" class=\"Image\" data-image-size=\"standardStory\" height=\"220\" loading=\"lazy\" src=\"https:\/\/static.notus.org\/dims4\/default\/f85a1aa\/2147483647\/strip\/true\/crop\/5397x3598+0+1\/resize\/330x220!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F2d%2F3c%2Fdd4313ab4014a60b2f6e7af0a3f7%2Fap25308755860370.jpg\" srcset=\"https:\/\/static.notus.org\/dims4\/default\/f85a1aa\/2147483647\/strip\/true\/crop\/5397x3598+0+1\/resize\/330x220!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F2d%2F3c%2Fdd4313ab4014a60b2f6e7af0a3f7%2Fap25308755860370.jpg 1x,https:\/\/static.notus.org\/dims4\/default\/acf3bc5\/2147483647\/strip\/true\/crop\/5397x3598+0+1\/resize\/660x440!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F2d%2F3c%2Fdd4313ab4014a60b2f6e7af0a3f7%2Fap25308755860370.jpg 2x,https:\/\/static.notus.org\/dims4\/default\/02d4e4b\/2147483647\/strip\/true\/crop\/5397x3598+0+1\/resize\/990x660!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F2d%2F3c%2Fdd4313ab4014a60b2f6e7af0a3f7%2Fap25308755860370.jpg 3x\" width=\"330\"\/>\n<\/picture>\n<\/div>\n<\/div>\n<\/div>\n<div><h3>\n<span>\n                       D.C. Wins Fight Against Trump Administration Over Voter Rolls\n                    <\/span>\n<\/h3><\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/section>\n<p>Financial activities shed 14,000 jobs in July and hiring declined in the two months prior, though job openings shot up in June, the most recently available shows.<\/p><p>The sector lost 9,000 jobs alone last month in the field of credit intermediation, which lends funds to individuals and businesses. Those jobs span customer service representatives and bank tellers to mortgage loan officers and financial managers.<\/p><p>The losses could be a signal that borrowing in some areas is slowing down, as the market increasingly anticipates the Federal Reserve will hike interest rates this year. The central bank is staring down persistent inflation, which is creeping up as President Donald Trump\u2019s prolonged war in Iran raises oil prices and throws the economy\u2019s near-term future into uncertainty. Price pressures from Trump\u2019s tariff policies worsen the problem.<\/p><p>Ben Zipperer, senior economist at the left-leaning Economic Policy Institute, argues that finance\u2019s employment slowdown has everything to do with higher interest rates starting in the second half of 2022, and little to do with AI.<\/p><p>Read more <a href=\"https:\/\/modernhomejournals.com\/?p=2353\">Retiring Sen. Gary Peters Is Already Negotiating His Next Gig<\/a><\/p>\n<p>\u201cVery few employment changes right now are due to AI. Were AI driving a substantial reorganization of the labor market, we\u2019d be seeing much faster productivity growth than the current slow rates,\u201d Zipperer texted NOTUS.<\/p><p>Credit intermediation workers have been on the front lines of the industry\u2019s job losses since interest rates began rising post-pandemic \u2014 and they may face further labor market contractions.<\/p><p>If the Fed increases rates to tamp down inflation, borrowing will become more expensive for financial institutions and Americans looking for a home or credit loan.<\/p><p>Lending to private credit borrowers has already <span><u>fallen sharply<\/u><\/span> this year. Mortgage lending rates, which have been on an upward trend for most of this year, increased over the last month, according to <span><u>data<\/u><\/span> from Freddie Mac.<\/p><p>The jobs report released Friday counted job losses totaling 23,000 in July, compared to an average monthly gain of 34,000 in the last year. It further revised June numbers from 57,000 to 20,000 jobs added. The unemployment rate ticked down by a tenth of a percentage point to 4.1%.<\/p><p>The financial sector was not the only industry to experience job losses. Local government education lost 50,000 jobs and retail trade leaked 19,000 jobs, while health care continued adding jobs.<\/p><p><i>This story has been updated with additional expert analysis about the latest jobs report.<\/i> <\/p><p>Read more <a href=\"https:\/\/modernhomejournals.com\/?p=2352\">Cassidy Says He Will Back Blanche, Paving Way for Confirmation<\/a><\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>New job numbers show major losses in the sector.<\/p>\n","protected":false},"author":1,"featured_media":2356,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-2357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What&#039;s Causing the Financial Industry to Lose So Many Jobs? - Modern Home Journals<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/modernhomejournals.com\/?p=2357\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What&#039;s Causing the Financial Industry to Lose So Many Jobs? - Modern Home Journals\" \/>\n<meta property=\"og:description\" content=\"New job numbers show major losses in the sector.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/modernhomejournals.com\/?p=2357\" \/>\n<meta property=\"og:site_name\" content=\"Modern Home Journals\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-07T20:17:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.notus.org\/dims4\/default\/ac73bb2\/2147483647\/strip\/true\/crop\/7104x4736+0+0\/resize\/330x220!\/quality\/90\/?url=https%3A%2F%2Fk2-prod-aji.s3.us-east-1.amazonaws.com%2Fbrightspot%2F58%2F73%2Facb8af354d29a55bf5991977ef68%2Ffauci-markup-senate-homeland-26218537262467.jpg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=2357#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=2357\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/#\\\/schema\\\/person\\\/533de239efc09a2ab59959cc1bff86d0\"},\"headline\":\"What&#8217;s Causing the Financial Industry to Lose So Many Jobs?\",\"datePublished\":\"2026-08-07T20:17:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=2357\"},\"wordCount\":655,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=2357#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/modernhomejournals.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/6fbc487838424982a590ceda8f7e9750.jpg\",\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/modernhomejournals.com\\\/?p=2357#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=2357\",\"url\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=2357\",\"name\":\"What's Causing the Financial Industry to Lose So Many Jobs? 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