For anyone who may doubt that the economy is beginning to turn around, there is some more good news about job creation here in New Jersey. During the past year 3,800 private sector banking jobs have been created due to the easing of credit and more loans being made.
The number of bank employees in New Jersey rose from 17,203 in June 2008 to 21,003 in June 2009, and state bank lending increased 11 percent from $88.7 billion to $98.9 billion over that period, the state Department of Banking and Insurance said. Banking employees had been going down for several years.
Bank representatives said they picked up lending business when other avenues for consumers shut down, such as mortgage brokers. The secondary market for buying mortgages dried up over the past year, leaving brokers without a place to sell loans they made.
By contrast, some community banks hold onto some of their loans and do not resell them, said Neil Jasey, commissioner of the banking and insurance department.
The number of employees at New Jersey banks fell from 20,616 in June 2006 to 19,697 in June 2007, before hitting 17,203 last year, the department said.