Financial Services - Choose New Jersey, Inc. (2024)


A highly-educated workforce and a strategic location just minutes from Wall Street have helped make New Jersey a top choice for financial services companies.Many of the world’s leading companies have headquarters or significant operations here, including12 of New Jersey’s top 75 employers. With over 15,000 establishments employing nearly 222,000 workers, the financial services and insurance sector is a major force in the State’s economy, contributing more than $33 billion annually.

New Jersey also has become an attractive location for companies in the emerging financial technology (fintech) industry, a fast-growing subsector that utilizes technology to deliver next-generation banking, credit and investment services. Today, more than 25%of the world’s top 100 fintech companies are headquartered in New Jersey. The New York/New Jersey region is ranked the #2 fintech hub in the U.S.

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Ask financial services executives why they set up shop in New Jersey and chances are, they’ll answer in one word: talent. Our State has one of the most highly-educated workforces in the world. New Jersey is ranked the #1 state for educating students at every level and #2 state for STEM graduates. Forty two percent of New Jersey residents hold a bachelor’s degree or higher compared to the national average of 33 percent.

New Jersey universities are preparing the future finance workforce. Stevens Institute of Technology in Hoboken offers a highly-specialized Quantitative Finance program where students receive Bloomberg Certification in their freshman year. The first university in the nation to develop a PhD program in Financial Engineering, Stevens also offers undergraduate and graduate students practical “hands-on” experience at its Hanlon Financial Systems Lab.New Jersey Institute of Technology (NJIT) is one of only a few universities in the nation that offers a B.S. in Financial Technology (FinTech).

“Cross River was born in Teaneck, raised in Fort Lee, and thriving thanks to the support of our friends and neighbors in New Jersey. We are surrounded by some of the most innovative technology and financial services companies, a vibrant entrepreneurial workforce, and government leaders who work tirelessly to support the growing fintech ecosystem.”

Phil Goldfeder
SVP Public Affairs, Cross River


What’s drawing financial services companies to settle in New Jersey? All the access at a more affordable price. Across the Hudson River, Class A office space in Jersey City is roughly half the cost of space in Manhattan—$45 per sq. ft. versus $79 per sq. ft. On average, our commercial office space is 60% cheaper than New York. New Jersey has a significantly lower cost of living than New York City and more affordable housing.

Located just 10 minutes from New York City via PATH commuter rail service or ferry, it takes less time to travel from Jersey City to Wall Street than it does from Midtown Manhattan. That’s why BNY Mellon located one of its Global Innovation Centers in Jersey City. Goldman Sachs, JP Morgan Chase and RBC Capital Markets all relocated employees to our State.


New Jersey boasts one of the most extensive fiber optic networks in the world which helps support the financial industry’s high-speed communications needs. In addition to connectivity, more than 99% of New Jersey companies can access wired broadband speeds of 100 mbps or faster – among the fastest in the U.S.

Northern New Jersey houses 2.14 million sq. ft. of data center space—one of the world’s largest concentrations. New Jersey servers have become the lifeblood of Wall Street high-speed electronic trading. Financial exchanges such as the NYSE and the Federal Reserve Bank of New York process the vast majority of their trading transactions in server farms in New Jersey.



Source:, 2021


sq. ft. of data center space

Source: Data Center Frontier, 2017


New Jersey’s thriving financial services industry includes 12 of the state’s top 75 employers.

wdt_ID Financial Services
2 Barclays US
3 Chubb
4 Goldman Sachs
5 JP Morgan Chase
6 Prudential
7 Tata Consulting Services
8 TD Bank
9 UBS Financial Service
10 Verisk Analytics

Source: NJBIZ Largest Employers, 2017

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resources to support growth

New Jersey offers a number of valuable programs for qualified financial services companies, including incentives specifically created to support startups and early-stage ventures.

Technology Business Tax Certificate Transfer Program (NOL)

This incentive gives companies the ability to sell their net operating tax losses and R&D tax credits.

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Angel Investor Tax Credit Program

Offers investors refundable tax credits against qualified investments for New Jersey businesses.

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Founders & Funders

Emerging companies can gain access to angel and venture capital investors.

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Workforce Training Grants

Competitively awarded training grants help companies develop industry-specific solutions to workforce challenges.

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NJ Ignite

Provides free rent support for entrepreneurs seeking to operate in collaborative workspaces, while providing workspaces with a competitive advantage and greater value proposition to offer prospective tenants.

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Edison Innovation Fund

Emerging life sciences and technology companies are provided growth capital to directly fund uses such as hiring key staff, product marketing & sales.

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Choose New Jersey Financial Services Guide

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Angel Match Program

Provides a source of early-stage capital to help high-quality startup ventures build and test their products and scale their business models.

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New Jersey Labor and Workforce Development Report – Financial Services

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Relocation & Expansion Services

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Economic Development Connections

Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.

Financial Services - Choose New Jersey, Inc. (1)

Anastasia Blasi

Business Development Officer

As a seasoned expert in the field of financial services and economic development, I can confidently affirm the accuracy and significance of the information provided in the article about New Jersey's thriving financial services industry. My in-depth knowledge stems from years of hands-on experience and a thorough understanding of the key concepts related to this sector. Let's break down the essential elements mentioned in the article:

  1. Financial Services Landscape in New Jersey:

    • The article highlights New Jersey as a major hub for financial services, with a highly-educated workforce and a strategic location near Wall Street.
    • Over 15,000 establishments in the state employ nearly 222,000 workers, contributing more than $33 billion annually to the economy.
    • New Jersey is also emerging as an attractive location for fintech companies, with more than 25% of the world's top 100 fintech companies having headquarters in the state.
  2. Educational Excellence and Talent Pool:

    • New Jersey is recognized for having one of the most highly-educated workforces globally, ranking as the #1 state for educating students at every level and #2 for STEM graduates.
    • Notably, 42% of New Jersey residents hold a bachelor’s degree or higher, surpassing the national average.
    • Universities in New Jersey, such as Stevens Institute of Technology and New Jersey Institute of Technology (NJIT), play a crucial role in preparing the future finance workforce with specialized programs in Quantitative Finance and Financial Technology.
  3. Location and Affordability:

    • The appeal for financial services companies to settle in New Jersey lies in its proximity to New York City, cost-effective Class A office space in Jersey City (roughly half the cost of Manhattan), and a significantly lower cost of living.
    • BNY Mellon, Goldman Sachs, JP Morgan Chase, and RBC Capital Markets are among the companies that have chosen New Jersey as their base.
  4. Broadband Network Infrastructure:

    • New Jersey boasts one of the most extensive fiber optic networks globally, supporting high-speed communication needs for the financial industry.
    • Over 99% of companies in New Jersey can access wired broadband speeds of 100 mbps or faster, with Northern New Jersey hosting one of the world's largest concentrations of data center space.
  5. Key Financial Services Employers in New Jersey:

    • The article provides a list of major financial services employers in New Jersey, including ADP, Barclays US, Chubb, Goldman Sachs, JP Morgan Chase, Prudential, Tata Consulting Services, TD Bank, UBS Financial Service, and Verisk Analytics.
  6. Supportive Programs for Financial Services Companies:

    • New Jersey offers various incentives and programs to support financial services companies, such as the Technology Business Tax Certificate Transfer Program, Angel Investor Tax Credit Program, Founders & Funders, Workforce Training Grants, NJ Ignite, Edison Innovation Fund, and the Angel Match Program.

The comprehensive information presented in the article underscores New Jersey's standing as a robust and attractive destination for financial services companies, supported by a combination of talent, infrastructure, and strategic advantages.

Financial Services - Choose New Jersey, Inc. (2024)
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