Working in a bank can be an attractive choice because of the high salary and job security. It can also be a good choice for people who enjoy working with numbers. If you’re looking for a new career, you may be wondering how many jobs are available in major banks. In this article, we discuss how many jobs are available in major banks and we offer a list of common jobs for you to consider within this industry.
What is a Major Bank?
A major bank is one that provides a wealth of services to consumers, whether that be in commercial banking or other services. Although major banks provide a variety of services to their customers, they often specialize in one or two aspects of banking services. Some common types of specialty services these major banks might excel in include:
- Retail banking: These types of banks specialize in servicing individuals and small business customers.
- Corporate banking: Corporate banks provide financial solutions to large corporations.
- Investment banking: These institutions offer a better focus on capital markets, mergers and acquisitions, along with corporate finance solutions.
- Wealth management: Banks that specialize in this division of finance provide personalized services to individuals with high net worth.
- Risk management and compliance: Common in many banking institutions, this specialty ensures banks remain compliant with legal regulations.
- Technology and digital banking: Many banks have also incorporated technology and digital banking into their services, with some banks relying on this approach more than others.
How Many Jobs Are Available In Major Banks?
While the United States Bureau of Labor Statistics (BLS) doesn’t report on job statistics for major banks, it does report data for the finance industry as a whole, which includes those institutions within the major banking industry. As of June 2023, the BLS reports a total of around nine million employees in the financial activities industry. The BLS also reports 392,000 job openings in this industry, as of May 2023. Focusing on the finance and insurance sector of the larger finance supersector, the BLS reports around 6.7 million employees in this industry, as of June 2023.
It also states that there were 269,000 job openings in this sector as of May 2023. Transitioning to the other subsector of the larger financial activities industry is the real estate and rental and leasing industry. This sector reports 2.4 million employees as of June 2023 along with 123,000 job openings as of May 2023, according to the BLS.
Top States For Banking Jobs
If you’re considering a role in banking, understanding which states offer the highest salary for different roles can help you find the right role for you and your lifestyle. Below are the top-paying states for different roles according to the US Bureau of Labor Statistics.
- Best state for loan officers: New York is the best state for loan officers going from the average salary as they can earn an average salary of $107,770 per year.
- Best state for bank clerks: In the District of Columbia a bank clerk can earn an average salary of $40,580 per year, which makes it the highest in the country.
- Best state for credit analysts: New York is the best state again, as credit analysts here have an average salary of $129,460 per year.
- Best state for underwriters: $110,120 per year is the average salary for underwriters in the District of Columbia.
- Best state for personal bankers: In New York a personal banker earns an average salary of $158,040 per year.
Jobs In Major Banks
The list below includes some common roles you can find in major banks. For the most up-to-date salary information from Indeed, visit indeed.com/salaries.
1. Bank clerk
National average salary: $41,327 per year. Personal duties: The bank clerk’s duties are concerned with handling the transactions made within the branch. The job involves handling money, as people come into the bank to make deposits and receive withdrawals. There may also be a customer service element, as they answer customer queries and resolve issues related to balances, products and other bank-related matters.
2. Personal banks
National average salary: $38,830 per year. Primary duties: A personal banker directly deals with customers as they come into the branch and helps them with tasks such as setting up accounts and general account management. They help customers by drawing upon their extensive knowledge of the banking industry and use this to offer advice on which financial products are most suitable for them.
3. Mortgage banker
National average salary: $85,868 per year. Primary duty: When the branch receives new applicants for mortgages, the mortgage banker assesses them and decides if it is a good idea to have their mortgage granted. They can make this decision by looking into the applicant’s financial details and using their regulatory knowledge they can check that the application conforms to all standards.
4. Loan assistant
National average salary: $48,211 per year. Primary duty: Working with the loan assistant, a loan assistant takes care of the administrative duties involving loans. This can involve filing paperwork, checking the paperwork is completed correctly, arranging meetings with loan applicants and contacting them if there are ever any issues. A loan assistant is responsible for making sure that the branch works efficiently and is able to meet its targets.
5. Credit analyst
National average salary: $65,154 per year. Primary duty: A credit analyst utilizes their expertise to assess whether an applicant for credit is creditworthy or not. This means whether they estimate that an applicant for a credit account can pay it back within the terms offered by the bank. Applicants for credit could be businesses or individuals, and a credit analyst is aware of the differences between these two types and makes their decision based on that.
6. Branch manager
National average salary: $65,013 per year. Personal duties: A branch manager is responsible for the overall running of a particular branch of a major bank and the success of it is ultimately down to them. Their duties range from overseeing the employment of the other staff in the bank to ensuring that transactions are processed quickly and correctly. On a typical day, there could be customer service duties to complete, along with administrative work such as keeping track of whether the branch is keeping any targets involving loan growth.
7. Internal auditor
National average salary: $85,932 per year. Primary duties: An internal auditor is concerned with assessing the effectiveness of how the entire bank branch is run. It is their duty to check that the processes within the branch. Comply with the various regulations and procedures upon which the entire banking industry is run. Based on what they find from reviewing financial reports and conducting risk assessments. They may then present their evidence to the bank manager and advise on how to continue.
8. Underwriter
National average salary: $82,958 per year. Primary duty: The role of an underwriter in a bank involves conducting a risk assessment on applicants for insurance and loans. When applications are approved, it is the further duty of the underwriter to decide on the premium or repayment amount. They work with the loan officer and offer their expertise to help the bank to make the best judgments on who to lend money to that minimizes risk.
9. Loan officer
National average salary: $178,323 per year. Primary duties: A loan officer is tasked with making sure that people applying for loans are suitable applicants. This involves evaluating their creditworthiness and making judgments about being able to meet the term of the loan. Ensuring that the loans that the branch has already given out are paid on time is another of the loan officer’s responsibilities.
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