Newspaper article The Record (Bergen County, NJ)

N.J. Banking Employment Is Up 11.5%

Newspaper article The Record (Bergen County, NJ)

N.J. Banking Employment Is Up 11.5%

Article excerpt

Banking industry employment in New Jersey grew 11.5 percent from 2001 to 2014, a period when statewide employment for all sectors fell 0.9 percent, according to a new study.

New Jersey job growth in the more than 3,000 banks and thrifts operating in the state far outpaced that in the banking industry nationwide over those 14 years, during which time U.S. bank and thrift employment declined 2.9 percent, according to an industry- impact study by the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, commissioned by the New Jersey Bankers Association.

As of 2014, commercial banks and savings and loans in New Jersey employed 44,651 people and paid $3.63 billion in wages. The average annual pay for those employees was about $81,000, compared with "just over $60,000 for all jobs in the state, on average," said Will Irving, the study's senior project manager and economic analyst. …

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