Unlike much of the country, New Jersey’s banking industry is doing relatively well. It has increased employment by 11.5 percent, as opposed to a drop of 3 percent nationally. And according to a report by Rutgers’ Bloustein School of Policy and Planning, if you consider the economic ripple-effects of their operations, banks generate $16.7 billion in gross domestic product in New Jersey annually.
The local banking industry can be broken into two parts — commercial banks and savings institution. By far the larger of the two are commercial banks, which employ 36,492 people and have grown nearly 16 percent since 2001. Savings institutions are less hardy, employing 8,159 people, which is 3.8 percent lower than in 2001. Nationally, however, employment at savings institutions fell by 33.5 percent.
The average pay for a commercial banker in NJ is $86,532, while it’s $57,449 for savings institutions. That reflects higher pay in the commercial banking industry than is offered nationally, but lower pay when compared with that of savings institutions.