Many banks consolidating jobs as economy shifts

ANOTHER DIP? The number of finance-related jobs in Rhode Island hit lows during the Great Recession in 2009 and sank again at the start of the COVID-19 pandemic in early 2020. According to the most recent available labor figures, the numbers have edged downward again in 2022. ILLUSTRATION/ANNE EWING SOURCE: R.I. DEPARTMENT OF LABOR AND TRAINING
While restaurants and retailers were laying off their workers at the onset of the COVID-19 pandemic, banks embarked on a hiring spree in the weeks that followed. The white-hot real estate market and popular federal small-business loan programs sent banks scrambling to find bodies to handle the surge in demand. The six largest U.S. banks…

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