Bank employment declining faster in S.C. than in nation

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The banking industry has undergone a sea change since the Great Recession shook the nation’s financial sector.

As banks failed or merged, employment in the industry ebbed. In South Carolina, employment at FDIC-insured institutions sank 25 percent from September 2008 to September 2011, compared to only a 3 percent drop nationwide.

The number of institutions, however, shows a comparable 11 percent decline over the same periods statewide and nationally. More mergers and acquisitions at the national level and more than double the number of nonperforming assets to total assets for South Carolina compared to the U.S. both contribute to this asymmetry.

More bad loans means South Carolina institutions must operate with fewer employees to maximize profits. Still, the percentage of unprofitable institutions in the state has increased 4 percentage points to 35 percent, compared to a drop of 5 percentage points for the U.S. to 16 percent. Although banking nationally is recovering from the collapse, some South Carolina institutions continue to struggle.

Sarah Poff, Moore School of Business student

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Bank employment declining faster in S.C. than in nation

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