Financial Services
With a concentration of financial institutions, insurance, and legal firms, this sector supports the state’s economy.
New Jersey has been poised as the key hub for banking, investment, insurance, and fintech. Positioned between major financial focuses like New York City and Philadelphia, New Jersey is a great location for companies in the sector, with access to a skilled workforce and strong infrastructure.
As of 2023, the financial services industry in New Jersey had employed over 233,500 people, making it one of the state’s largest sectors. The industry generates more than $32 billion annually, significantly adding to the state's economy. New Jersey is home to several major financial institutions, including the regional offices of JPMorgan Chase, Citigroup, and Goldman Sachs, as well as major insurance companies like Prudential Financial. Specifically, Prudential and Chubb have headquarters in Newark and Warren, respectively, cementing New Jersey’s role as an insurance powerhouse.
Recently, New Jersey has also become a growing center for fintech companies. The state’s proximity to New York City’s financial district, along with its low operating costs, has attracted numerous fintech startups and venture capital investments. Venture capital funding for fintech in New Jersey surpassed $1.2 billion in 2022, further positioning the state as an emerging leader in this space.
The state has also placed a focus on creating an environment favorable to the growth of financial services through regulatory support and business incentives. Programs from the New Jersey Economic Development Authority (NJEDA), such as the Grow New Jersey Assistance Program, have provided financial incentives for companies to expand and innovate in the state.
With a skilled workforce and access to major financial markets and environments, New Jersey’s financial services industry is expected to continue growth, providing a significant driver for the state’s economy in the coming years.
From educational programs and workshops to networking events, the LDI provides these resources for skill development and training in the top occupations trending in Finance.