How Many Jobs Are Available In Major Banks?

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Major banks offer a wide range of job opportunities across various fields, from retail and corporate banking to investment and wealth management.

With thousands of positions available, major banks employ people in finance, technology, risk management, and customer service.

If you’re considering a career in banking, job availability in this industry can provide a solid, long-term career path with opportunities for growth and professional development across multiple sectors.

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What is Major Banks?

A major bank is a financial institution that offers a wide range of services to consumers, often specializing in one or two key areas.

These services may include:

1. Retail banking: Focused on serving individuals and small businesses.
2. Corporate banking: Provides financial solutions to large corporations.
3. Investment banking: Specializes in capital markets, mergers and acquisitions, and corporate finance.
4. Wealth management: Offers personalized financial services to individuals with high net worth.
5. Risk management and compliance: Ensures the bank remains compliant with legal regulations.
6. Technology and digital banking: Integrates technology into banking services, with some banks placing a strong emphasis on digital platforms.

These specialties enable major banks to cater to diverse customer needs while focusing on specific areas of expertise.

How Many Jobs Are Available In Major Banks?

While specific data on major banks isn’t available from the U.S. Bureau of Labor Statistics (BLS), the finance industry overall, which includes major banks, is well-documented.

• Finance and insurance sector: Approximately 6.7 million employees as of June 2024, with 269,000 job openings in May 2024.
• Real estate and leasing sector: 2.4 million employees as of June 2024, and 123,000 job openings in May 2024.

These numbers highlight significant employment and opportunities within financial activities.

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Is a Career in Major Banks a Good Path?

Before diving into the variety of job opportunities available, let’s consider a key question: Is a career in major banks fulfilling?

To make an informed decision, we’ll look at several important aspects of working in the banking sector.

Advantages of a Career in Major Banks

1. Job Stability: Major banks are typically stable employers, even during economic uncertainty, providing reliable job security.
2. Competitive Compensation: The banking industry often provides attractive salary packages and benefits, making it appealing for those seeking financial stability.
3. Career Progression: Major banks offer clear paths for advancement with opportunities for skill-building and long-term career growth.
4. Skill Development: Working in a bank allows you to develop a variety of skills, from financial analysis to customer service, which are valuable in many industries.
5. Access to Resources: Major banks provide advanced technology, training, and tools that can enhance your expertise and productivity in the field.

Challenges of a Career in Major Banks

1. Long Hours: Many roles, especially in investment banking and corporate finance, involve long and demanding hours, which can lead to stress.
2. Intense Competition: The banking industry is highly competitive, with many professionals competing for advancement and high-performance expectations.
3. Regulatory Demands: Banks are heavily regulated, and keeping up with complex compliance requirements can be time-consuming and challenging.
4. High Pressure and Targets: Employees often face high performance targets, particularly in sales and customer acquisition roles, which can create pressure.
5. Economic Sensitivity: Job stability can sometimes be affected by economic shifts and market volatility, which can impact employment opportunities during downturns.

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Best Paying Jobs in Major Banks

The following list ranks common roles in major banks from the highest to the lowest average salary.

1. Loan Officer

National Average Salary: $178,323 per year
Primary Duties: Evaluates loan applicants’ creditworthiness, assesses their ability to meet loan terms, and oversees existing loans to ensure timely repayments.

2. Internal Auditor

National Average Salary: $85,932 per year
Primary Duties: Reviews branch operations for compliance, assesses financial reports, and provides recommendations to the branch manager for operational improvements.

3. Mortgage Banker

National Average Salary: $85,868 per year
Primary Duties: Reviews mortgage applications, assesses financial details of applicants, and ensures applications comply with regulations.

4. Underwriter

National Average Salary: $82,958 per year
Primary Duties: Conducts risk assessments for loan and insurance applicants, determines premiums or repayment terms, and collaborates with loan officers to minimize risk.

5. Credit Analyst

National Average Salary: $65,154 per year
Primary Duties: Evaluates creditworthiness of individuals or businesses applying for credit, ensuring they meet repayment terms.

6. Branch Manager

National Average Salary: $65,013 per year
Primary Duties: Oversees branch operations, manages staff, ensures smooth processing of transactions, and works towards branch targets like loan growth.

7. Loan Assistant

National Average Salary: $48,211 per year
Primary Duties: Handles administrative tasks for loan processing, including filing paperwork, scheduling meetings, and maintaining efficient workflow.

8. Bank Clerk

National Average Salary: $41,327 per year
Primary Duties: Manages in-branch transactions, handles customer deposits and withdrawals, and provides customer service by resolving inquiries.

9. Personal Banker

National Average Salary: $38,830 per year
Primary Duties: Assists customers with account setup, management, and offers financial advice based on bank products suited to their needs.

Which job is the highest in a bank?

In both private and public sector banks, the Chairman or CEO holds the highest position.

This role oversees all operations, sets strategic direction, and is ultimately responsible for the bank’s performance.

How many people work in a bank?

As of 2023, 2,595,852 people work in the U.S. Commercial Banking industry.

Over the past five years (2018-2023), employment in this sector grew by an average of 6.1%, indicating steady growth in job opportunities within commercial banking.

Which bank has the most employees?

As of December 31, 2023, JPMorgan Chase was the largest U.S. employer in the banking sector with over 220,000 employees.

Wells Fargo followed closely, ranking second with nearly 200,000 employees.

How many fields are there in banking?

There are several specialties within the banking industry, each offering unique career paths.

Knowing which area you want to focus on can help narrow down your options.

Some of the most popular specialties include accounting, corporate banking, insurance, sales, financial advising, education, and general banking.

CONCLUSION

In summary, major banks provide a wide range of job opportunities within the financial industry.

With thousands of roles in areas like retail banking, corporate finance, and wealth management, job availability is substantial, particularly in the finance and insurance sectors.

For those interested in a stable and diverse career path, major banks continue to offer numerous employment prospects for a variety of skills and expertise.

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