And almost nobody is talking about it.
Finance and insurance job openings collapsed by 117,000 in a single month.
The largest monthly decline during the entire 2008 crash was 125,000.
We’re nearly there in one month, without a crisis.
Total finance job openings are now 134,000, the lowest since 2012.
Down 75% from the 2022 peak and 410,000 openings have vanished.
Fewer than 2 out of every 100 finance jobs in America are vacant right now.
That’s the lowest rate this century, lower than the dot-com bust and than post-9/11.
Only the 2009 collapse was worse by barely.
Meanwhile, Morgan Stanley just cut 2,500 workers after a record revenue year.
Citigroup is eliminating 20,000 jobs by year end.
BlackRock cut hundreds in January.
Jack Dorsey fired 4,000 people at Block and said the quiet part out loud, AI did it.
His stock jumped 25% and Wall Street didn’t mourn the layoffs but instead it rewarded them.
Goldman Sachs is now warning that AI-driven job losses could push unemployment to 4.5% or higher this year.
The finance industry isn’t downsizing because it’s losing money.
It’s downsizing because machines are replacing the people who make the money.
